Champion Says Yes to 200,000-SF Lease in Parsippany

PARSIPPANY, NJ-It’s hard enough to find a big block of office space these days, and a good example of what’s going on in the trenches is the way Trammell Crow Co.’s New Jersey office sniffed out a 200,000-sf block of space even before it hit the market. The broker’s tenant client is Champion Mortgage, a wholly owned subsidiary of KeyBankUSA, which needed that much space to consolidate its operations.

“The building [2 Gatehall Drive] wasn’t on the market yet, but under contract to the partnership that owns it, and that helped facilitate this transaction,” according to Trammell Crow SVP Frank Truesdell, who teamed with TC’s Douglas Gaffney and Thomas Fischer to do the deal. The company’s Northeast Metro operations are based in Chatham, NJ.

The property is owned by Two Gatehall Associates LLC, a Morgan Stanley, Gale & Wentworth real estate fund. Gale & Wentworth’s Tim Conklin, Rick Genthe and David Welsh represented the owner.