PARSIPPANY, NJ-The office building at 50 Parsippany Rd. here is now fully occupied, with Cushman & Wakefield's completion of three new lease agreements totaling almost 18,800 square feet.
C&W's Morristown-based team of Bill Brown and Jon Williams represented the owner of the 50,535-square-foot class A building, IBEW Local Union 102 Holding Corp. The union local also has its headquarters and training center in the building. IBEW Local 102 represent 3,100 members in the electrical and telecommunications fields employed throughout Hunterdon, Morris, Passaic, Sussex, Union and Warren counties and a part of Somerset County.
In the largest lease transaction, the Great American Insurance Group signed a long-term renewal for its 10,000-square-foot office. The tenant was represented by J.C. Giordano and Chris Conklin of JLL.
Nicholas Pascarella & Co., a financial services and planning firm, signed a new lease for 6,576 square feet. C&W's Williams represented the tenant as well as ownership in this transaction.
And Ellie Mae, a provider of automated solutions for the residential mortgage industry, signed a new lease for 2,195 square feet. The tenant was represented by C&W's Josh Cohen.
Built in 2007, 50 Parsippany Rd. is close by the intersection of I-287 and I-80, with access to Routes 10, 24 and 46. It has three office-space floors over covered parking. The building has a new management system, energy-efficient LED lighting and upgraded finishes throughout.
“A key trend in this office market has been a flight to quality, and the lease-up of 50 Parsippany Road is another indication of that trend, and of the quality of this asset and its ownership,” said Williams. “Overall, according to our firm's research, the Parsippany market is one of three statewide in which first quarter leasing activity reached quarterly highs that had not been seen throughout 2013.”
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