PARSIPPANY, NJ–Two of the KRE Group's tenants at its Parsippany Corporate Center have signed lease extensions and expanded their office space.
Frontline Medical Communications, Inc. committed to 25,665 square feet at 7 Century Dr. for a five-year term. At 3 Century Dr., Emergency Medical Associates of New Jersey signed a 12-year lease for the entire third floor of the 68,203 square-foot building.
Both companies cited growth in the economy and an improved jobs picture as motivating factors in their expansions, according to KRE.
“Both 3 Century Drive and 7 Century Drive are now 100% leased,” said Justin Gingeleskie, KRE's leasing director. “The buildings' desirable locations near major highways such as Route 287 and Route 80, combined with attractive lease rates, have contributed to the properties outperforming the market.”
The Parsippany market has been ailing with high vacancy for most of a decade, but has shown signs of stabilization recently.
Last month, when Brookwood acquired two older buildings at the Morris Corporate Center in Parsippany, it noted that there had been positive absorption of space in four of the five most recent quarters. Also, the unemployment rate in Morris County is down to 5.8% at last reporting, from a high of 8% in 2010.
There is no new office construction in the pipeline in the submarket. KRE says its strategy is to continually modernize and upgrade its properties.
The Century Drive buildings are located just off Route 202, near restaurants, hotels and shopping. 3 Century Drive is a reflective bronze glass and masonry building that features a full-service café and a recently expanded and re-surfaced parking lot. 7 Century Drive is a similar modern building with a mahogany and granite lobby and a recently expanded and re-surfaced parking lot.
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