Teva Takes 345K SF at MCCBLUE in Parsippany

PARSIPPANY, NJ—In the largest office least signed so far this year in New Jersey, Teva Pharmaceuticals USA, the US division of Israeli pharmaceutical giant Teva, will occupy 345,000 square feet in three buildings at MCCBLUE, 400 Interpace Parkway in Parsippany, NJ.

Jones Lang LaSalle brokered the lease transaction for P3 Properties, which owns the class A, 541,000-square-foot office complex.

The building owner was represented by Frank D. Recine, executive managing director; Timothy Greiner, executive managing director and head of JLL agency leasing in New Jersey; Blake Goodman, executive vice president; and Fred Hyatt, senior vice president. Teva was represented by Dan Johnsen, managing director, with Cushman & Wakefield.

“In just six months, JLL, working closely with Harvey Rosenblatt, CEO of P3 Properties, has been able to fill the available space at MCCBLUE,” says Recine. “Harvey’s vision has created an exceptional environment at the office building for tenants, their employees and visitors. Teva Pharmaceuticals’ relocation to Parsippany will bring tremendous economic benefits to the surrounding communities, as well as the entire state.”

“A major factor in our success has been the ‘out-of-the-box’ thinking and partnership between our leasing team and P3 Properties,” says Goodman. “Today’s corporations are focused on creating a work environment that attracts and retains talent long term. Our ability to create a culture and vibe within the park through interesting signage, a management staff trained to look through a hospitality lens, pop up events and apps that haven’t event hit the street yet, really set this asset apart in today’s work environment.”

Teva Pharmaceuticals signed a 12-year lease and will occupy all of Building A, and a majority of Building B and Building D at MCCBLUE. The pharmaceutical firm is relocating a major business unit to the Parsippany, NJ, office property from 1090 Horsham Road in North Wales, PA.

“Our team at P3 has been very successful at developing and creating an identity and branding overhaul for MCC III,” says Rosenblatt. “Frank, Tim, Blake and Fred were crucial to our efforts, completing a number of transactions in just a few months and stabilizing the property in record time. This is by far the largest office lease signed in New Jersey so far this year.”

JLL also recently completed several other deals for P3 Properties at MCCBlue:

• Curtiss-Wright signed a 10-year lease for 15,442 square feet. The global product manufacturer and service provider was represented by Benjamin Brenner, senior director, Cushman & Wakefield.
• Lee Hecht Harrison signed a five-year lease for 5,149 square feet. The talent development and transition company was represented by Brandon DeGraff, Cushman & Wakefield senior associate.
• Pharmaceutical Associates completed a three-year lease for 3,033 square feet. The manufacturer of generic liquid pharmaceuticals was represented by Thomas Semler, senior vice president, Weichert Commercial Brokerage.
• Signet Financial Management signed a five-year lease for 2,528 square feet. The wealth management firm was represented by Daniel Whitehead, vice president, Resource Realty of Northern New Jersey.

MCCBLUE, formerly known as Morris Corporate Center III, is a class A commercial office complex composed of four four-story buildings connected by a grand atrium. The property is situated on a 182-acre master planned corporate campus in Parsippany and was constructed in 1988. The complex includes fountains and pedestrian seating areas, a three-story parking garage, and surface parking options.

MCCBLUE hosts a diversified tenant profile, evidenced by the varied cross-section of business including pharmaceuticals, communications, marketing and other professional services.

The property is located within three-quarters of a mile of Exit 42B of Interstate 80 and can be accessed via Cherry Hill Road to Interpace Parkway from the east and from Route 46 via Walsh Drive from the north.

Previous ownership completed a multimillion dollar capital improvement program that included new white reflective roofs; heating, ventilation and air conditioning infrastructure mechanical improvements; a fiber-optic backbone to support a campus-wide energy management system; a renovated four-story atrium with energy-efficient LED, light-emitting diode lighting; a new fitness center; electric vehicle charging station; upgrades to the café server area; enhancements to the café seating area and common area soft seating.