New York Life Jumps at 256,750 SF Under Construction for HQ

PARSIPPANY, NJ-The new saw for real estate end-users in this tight market is that if you don’t jump at the space you’re considering for your new location within a few weeks, even days, don’t expect it to be around when you do get around to making up your mind.

That was indeed advice well taken by New York Life Investment Management Holdings. Just two weeks after scoping out the under-construction Morris Technology Center in Parsippany, NJ, which is owned by Wellsford/Whitehall Group, Chatham, NJ, NYL snapped it up, even though it won’t be able to take occupancy until six months or more from now. Besides being one of the largest lease deals in NJ so far this year, it’s also among the fastest.

“It clearly illustrates the pent-up demand that is forcing tremendous velocity in the commercial real estate market here,” points out Tom Glerum of Cushman & Wakefield of NJ’s East Rutherford who represented the Wellsford/Whitehall in the deal. George Keller of C&W’s New York City also represented the owner. The transaction also involved NYL representatives Tony Luisi and Dan McConnell, as well as C&W’s Jeff Heller (NJ), and Bruce Mosler and Mitti Liebersohn (NY).