PARSIPPANY, NJ-SJP Properties has bought back the first phase of its Morris Corporate Center IV here from Lexington Realty Trust for $63 million, or $290 per square foot. The developer partnered with Northwestern Mutual Insurance on the transaction.

SJP sold the first phase of the two-building complex to Lexington for $81 million in 2000, shortly after construction was completed. It retained ownership of the second phase, which houses its own corporate headquarters. The current acquisition was handled by Adam Spies and Doug Harmon, both senior managing directors at Eastdil Secured.

The complex, part of the 182-acre Morris Corporate Center master-planned development, is located at 388-399 Interpace Parkway, near Interstate 80 and Route 202. Currently 85% leased, the complex is home to Cadbury Schweppes and Reckitt Benckiser. Cadbury Schweppes will be departing the building when its lease expires in 2015.