PARSIPPANY, NJ-Pfizer Inc. has signed a long-term lease for a total of 112,898 sf of class A office space at Morris Corporate Center IV here. The world's largest pharmaceutical company is occupying the top three floors of the 180,000-sf, five-story building, which is located in the second phase of SJP Properties' Morris Corporate Center. Pfizer's Global Pharmaceutical Group is using the space as a regional sales office. The terms of the transaction, a lease renewal in which Pfizer expanded its space at the location, were not disclosed.
“We are pleased to have met the operational needs of Pfizer, which is our long-term client,” says Lee Kosmac, senior vice president of GVA Williams, whose New Jersey offices are based here. Kosmac teamed with Joel Orenstein, formerly of GVA Williams, to put the deal together for the tenant.
“In addition to understanding Pfizer's needs, SJP Properties was sensitive to the company's long-term business objectives and was able to work within the context of its internal decision-making process,” Kosmac continues. “Both demonstrated the highest regard for each other's needs and were able to accomplish Pfizer's goals.”
“Our strategy of developing and managing properties in the marketplace continues to meet the facility needs of industry leaders like Pfizer,” adds Peter Eppie, executive vice president of SJP Properties, which is also headquartered in this Morris County community.
Overall, SJP's Morris Corporate Center currently totals some 1.8 million sf of class A office space, and has the development potential for another 900,000 sf at the site. Located near the intersection of I-80 and I-287 in Northern New Jersey, the property's second phase consists of two buildings totaling 360,000 sf. The first building is currently leased to Degussa-Huls, which uses it as its North American headquarters. Pfizer is occupying most of the second building.
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