PARSIPPANY, NJ – When Joshua Levering of NAI Hanson got the call from Hampshire Cos. about its Boulevard Commons complex in Parsippany, he says the landlord had just been hit with the “gut check” of losing its two largest tenants in the midst of a suburban office slump that seems unending.
Each of the two tenants at the two-building complex at 1140-1160 Parsippany Blvd - one was Custom Spine, the other was Maverick Funding – chose to relocate in order to expand, vacating a total of 27,147 square feet at Boulevard Commons.
“It was like: ‘Houston, we’ve got a problem,’” Levering tells GlobeSt.com. The vacancy rate for smaller, older office buildings in the suburbs – “vanilla B-grade” assets, as brokers call them – is stuck at around 25%, and has been for several years. “But this is Hampshire Companies,” says Levering of his client, which both owns and manages the property. “They’re long-time players, and they had decided: ‘If we are going to able to compete, we’ve got to re-invigorate the entire asset.”
The NAI Hanson team quickly jumped on board to oversee the marketing of a “re-invigoration” that includes a complete renovation of all common areas in both buildings, a new branding campaign, and re-positioning of the property as uniquely appealing for smaller tenants.
The property has relatively small floor plates, about 12,500 square feet, Levering says. “The building's smaller floor plates provide both small and mid-size tenants a significant presence in the property."
A tenant leasing an entire floor is eligible for outdoor signage at the building. But tenants requiring as little as 2,500 square feet can elect for a corner suite with ample windows.
There is parking adjacent to each building at the complex, and the location provides access to major highways including Routes 80, 202, 287 and 46. "We are very aggressively priced and have a number of suites for tenants to choose,” says Levering. "This area of Parsippany is located close to hotels, dining, and retailers, which makes this particular property an even greater draw for
companies."
The Hanson team overseeing the assignment includes Michael G. Walters and Nicholas Herrick.
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