PARSIPPANY, NJ-TIAA has signed a 147,000-square-foot office lease at Morris Corporate Center III with Watson Pharmaceuticals Inc. The 540,000-square-foot, class A corporate park, located at 400 Interpace Pkwy. here, will be the new home for Watson’s administrative headquarters.
The Jones Lang LaSalle leasing team of Susan Mason, Ken Flynn and Fred Hyatt represented TIAA in the transaction. Watson Pharmaceuticals was represented by Cushman & Wakefield’s John Minervini, Tom Giannone, Mitti Liebersohn, Bill Brown and Josh Cohen.
Watson Pharmaceuticals currently employs close to 250 people in two New Jersey facilities in Morristown and Parsippany, which it plans to consolidate into this one space. The company projects that total employment at its new office could grow to about 500 employees over the next few years.
“We have found a location for our new administrative headquarters that will enable us to combine our separate facilities, and also support our anticipated expansion,” says Paul Bisaro, president and CEO of Watson Pharmaceuticals. “After a thorough review of nearly two dozen sites, including locations outside of New Jersey, we established that 400 Interpace meets all of the requirements we established for our search,” he tells GlobeSt.com. “In addition to providing sufficient space for current and anticipated short-term needs, while also allowing the flexibility to acquire additional space within the complex, it is also a site that remains convenient for all employees, customers and business partners.”
Morris Corporate Center III is part of a master-planned, high-end corporate office development on 182 acres that features fountains, pedestrian seating areas and walking and jogging trails. There is also on-site food service, catering, a fitness center and building management. Recent capital improvements include a newly renovated caf
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