MORRISTOWN, NJ—Alliant Technologies has signed a 19,602-square-foot lease at Mount Kemble Corporate Center here, the two-building complex that changed hands last year.
A joint-venture partnership of Onyx Equities and Artemis Real EstatePartners acquired the 229,500-square-foot complex last year, looking to reposition it as a “high-quality, low-cost alternative” to other Class A space in the Morristown submarket.
Alliant will take parts of the first and second floors of 360 Mount Kemble Ave.
The 13-year-old complex, which also includes 350 Mount Kemble Ave., is set on 38 acres that include a three-acre pond. Located about five minutes from the Morristown Green, Morris County Court House and the Morristown train station, the center has a full-service cafeteria and 24/7 key card access.
Onyx and Artemis have invested in upgrading the landscaping, parking lot and bathrooms, and power washing the buildings' facades
Onyx's Jared Minatelli and Adam Karafiol represented ownership in the transaction. Cushman & Wakefield's Marc Trevisan and Mark Zaziski represented Alliant.
Karafiol said. “By recapitalizing and repositioning the complex, we've provided it with a distinct competitive advantage over much of Morristown's office stock, which was developed in the 1970s and 1980s, making it functionally obsolete,” Karafiol said.
“In light of the positive momentum we've experienced, we expect the remaining 60,000 square feet of vacancy to lease up quickly,” he said.
The tenant roster currently includes Coughlin Duffy Kelly, The Willis Group, Liberty Mutual, Taisho Pharmaceutical and Massey Quick.
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