A full-service law firm, Day Pitney has roughly 375 attorneys with branches in New York, New Jersey, Connecticut, Massachusetts and Washington, DC. The firm is relocating from 200 Campus Dr. in the Park Avenue at Morris County office campus in Florham Park. According to a source within the firm, its present location spans 130,000 square feet. The new office will enable the firm to consolidate its library space. It will move to the new location at the end of August 2010
"One Jefferson Rd. offers our firm an opportunity to design and construct new space that will meet the firm's needs in the New Jersey market for years to come," says Dennis R. LaFiura, co-chairman of Day Pitney's executive committee, in a statement. "A brand new building will allow us to upgrade our IT and phone systems, which will allow for better integration with our other offices and better service for our clients. Having our own building also gives us greater brand recognition while affording us the flexibility to grow."
The Center of Morris County is an 850,000-square-foot complex that houses such firms as State Farm Insurance, Novartis Consumer Healthcare and Deloitte. The Jefferson Road property was the fourth and final building to be constructed at the campus.
It is owned in a joint venture partnership among institutional investors advised by J.P. Morgan Asset Management, the Hampshire Generational Fund LLC and Mack-Cali, which is responsible for the leasing and management of the class A office building.
"While the local leasing markets in New Jersey continue to be challenged in these times of economic uncertainty, Day Pitney's long-term lease commitment speaks volumes about the quality of the building, its superb location, and the credibility of the asset's ownership," says Norman Feinstein, executive vice president of the Hampshire Cos., in a statement.
Thomas P. Welsh of Welsh Chester Galiney Matone Inc. advised the tenant, and Mack-Cali was represented in-house by James Nugent, senior director of leasing. While representatives for the ownership declined to disclose the specific terms of the Day Pitney lease, the asking price for the building was listed at $36 a square foot, plus the cost of electric.
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