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Deloitte & Touche Takes 160,000 SF

PARSIPPANY, NJ-The net absorption deal fills one of the biggest blocks of space in the state, and is a successful payoff for Gale Co.'s spec construction project.

By Sean Ryan | Updated on May 16, 2007

PARSIPPANY, NJ-Auditing giant Deloitte & Touche is relocating and expanding into 160,000 sf of new construction space at 100 Kimball Dr. here, essentially filling one of the only spec office buildings in the state.

“It was a consolidation of some other user groups, as well as generic expansion,” says Mark Yaeger, president and chief investment officer, Gale Real Estate Services. “They have a new corporate standard for space planning.”

Gale, now a subsidiary of Mack-Cali Realty Corp., recently completed construction of the 175,000-sf, five-story building, the third to rise in the Center of Morris County office park. Despite a high office vacancy rate throughout New Jersey, very few large blocks of space are available. Gale’s leasing of the building so soon after construction is testament to that logic.

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