Brookwood's bsiness plan is to upgrade the exterior and interior signage, the common area lobbies and restrooms, the fitness and conference centers, the cafés, elevators and parking lots, and make extensive landscaping improvements,” said the company's Thomas W. Brown.

“We will be offering prospective tenants attractive rental rates and full tenant improvement allowances, which should allow us to accelerate the lease-up of the remaining vacant space,” Brown said. He said the property's pod design, with 30,000 square foot floor plates, can accommodate both large and small tenants and gives the property a competitive advantage in a submarket dominated by buildings with much larger floor plates.

While vacancies hit 30% during the Recession years in Parsippany, Brown said his company is responding to responding to signals like this:

• positive absorption in the Morris County submarket in four of the five most recent quarters.
• a dipinthe county unemployment rate from a high of 8% in 2010 to 5.8% in April of 2014.

With no new Class A construction underway or expected in the near future, Brookwood expects vacancy rates will continue to improve over the next 18-to-24 months.

Jeff Dunne, Kevin Welsh and Brian Schulz of CBRE represented the Teachers Fund in the transaction. Also, Christian Lee, Charles Foschini and Christopher Apone of CBRE represented the buyer in securing financing through Starwood Property Mortgage.