Cushman & Wakefield Inks Leases, Renewal at Cedar Knolls Corporate Center

240 Cedar Knolls Rd., Cedar Knolls, NJ

CEDAR KNOLLS, NJ— Nearly 40,000 square feet in leasing and renewal activity at Cedar Knolls Corporate Center follows the recent completion of a major capital improvement program at the 118,000-square-foot, class A office building, according to Cushman & Wakefield . Paul Giannone, Kevin Carton and Matthew Scozzari of the firm’s Edison, NJ, office serve as leasing agents for the property, owned by MB1 Capital Partners . MB1 is a seasoned investor and developer of high-quality commercial real estate assets, focusing on the tri-state area and other select U.S. markets, with offices in Belmar, NJ.

• Eclipse Marketing relocated from Morristown to Cedar Knolls Corporate Center, committing to 10,652 square feet. Cushman & Wakefield’s Jon Williams represented the tenant in its long-term lease.
• American Safety Razor, now known as Edgewell Personal Care, renewed 9,955 square feet. Sean Morley of CBRE represented the tenant.
• Avalon Risk expanded and renewed totaling 3,019 square feet.
• MacNeill, O’Neill & Riveles, a law firm, leased 5,212 square feet at the property, relocating within the local market. Fred Hyatt served as tenant broker in the long-term transaction.
• Surety Advisors & Risk Management is relocating within the building to a new 4,345-square-foot space on the fourth floor. Erin Wenzler from CBRE represented the long-time tenant in negotiating its new terms.
• AFA Dispensing opened its first regional office in 4,145 square feet at the building and was represented by Jones Lang LaSalle’s Jason Benson and Scott Stange in the long-term transaction.

“Our new tenants sought space in the Parsippany regional submarket for a variety of reasons, including the need for a more centralized location or better highway access,” Carton says. “However, across the board they ultimately selected Cedar Knolls Corporate Center after seeing the recent renovations and added amenities. Existing tenants like Surety Advisors are looking forward to the anticipated changes too.” Carton adds that his team is working on a number of additional tenant renewals and expansions. MB1 Capital Partners purchased the property in 2012 and since then has implemented a number of property enhancements at the Energy Star-labeled building. This included the introduction of a full-service cafeteria with coffee bar and a 600-square-foot shared executive conference room. The firm renovated the lobby with lighter, brighter contemporary finishes. This spring, MB1 will introduce outdoor seating adjacent to the cafeteria, renovate the main lobby and bathrooms and install a new energy-efficient HVAC unit. Tenants also enjoy onsite management, ample parking, an ATM, and a park-like setting with scenic walking paths. “ MB1 Capital Partners has done an excellent job distinguishing Cedar Knolls Corporate Center as a well-amenitized, competitively priced property catering to small- and mid-size tenants,” Carton says. “This property is significantly outperforming the Parsippany submarket, which has a 12.8 million-square-foot inventory and a vacancy rate of approximately 23.0 percent.” Cedar Knolls Corporate Center houses a diverse tenant roster and offers a high degree of flexibility. Cushman & Wakefield is currently marketing spaces from 3,100 square feet. Located on 15 acres at 240 Cedar Knolls Road in Cedar Knolls, the property is at the crossroads of the Morristown-Parsippany office corridor, with easy access to routes 10 and 24, interstates 287 and 80, and many local roadways.