Landlord Northeast Office Associates, an affiliate of Trammell Crow Co.'s Acquisition Funds, was represented by EVP Jeffrey Heller and associate Peter Hedley of CB Richard Ellis' Florham Park, NJ office. The tenant was represented by SVP James Sousa of Weichert Commercial Brokerage, Morris Plains. Terms were not released; availabilities at Morristown Plaza amounting to approximately 80,000 sf are currently listed with an asking price of $28 per sf plus tenant electric.
The TCC affiliate acquired the property in late 2006 from the locally based Morristown Plaza Associates for an undisclosed price. Shortly thereafter, a 65,000-sf block of space became available, and the new ownership simultaneously launched an extensive capital improvement program that included new lobbies and elevators, a landscaped courtyard plaza, common corridor upgrades on each floor, and a new energy management system.
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