PARSIPPANY, NJ-Colliers International has been named by LNR Property to handle repositioning and long-term leasing of its 290,000-square-foot building at 1515 Route 10, GlobeSt.com has exclusively learned.
“The property is a well-located, best-in-class asset in the heart of a prime office market that is already attracting a diversity of corporate space users,” says Richard J. Madison, of Colliers, who is leading the leasing and property management efforts on behalf of LNR. “We are working with a strong, stable property owner who is committed to providing the ideal suburban office setting, with full market concessions, for credit tenants.”
LNR recently took over control of the property in a structured give-back after the mortgage-holder – an Australian REIT - defaulted on its agreement with LNR.
The property is currently being updated and “spiffed,” says Madison of Colliers. There is 15,000 square feet of corporate office quality space immediately available, he tells GlobeSt.com
Going forward, the broker adds, “There is the opportunity for a single corporate user to lease 275,000 square feet of contiguous space, plus potential signage” on a long-term basis.
The building, situated close to Routes 80 and 287, includes 75,000 square feet of underground storage for tenants’ use. Amenities include three-story smoked glass atriums and indoor balconies, newly renovated elevators, a full-service cafeteria, fitness center, and landscaped grounds.
Leslie Meril and Lisa Kochan are assisting Madison in representing LNR.
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