C&W Orchestrates Acquisition for Micro Strategies in Parsippany

On May 29, 2015

Commercial real estate services firm Cushman & Wakefield recently orchestrated the acquisition of 1140 and 1160 Parsippany Blvd. in Parsippany, on behalf of long-time Morris County-based Micro Strategies, Inc. In a significant expansion move, the technology solutions company has relocated its headquarters to the two-building, 46,000-square-foot property from locations in Denville and Rockaway.

Cushman & Wakefield’s Slava Vaynberg, Marc Trevisan and David Sherman arranged the off-market purchase from Hampshire Companies. The team also arranged the sale of Micro Strategies’ 10,000-square-foot Denville property at 85 Bloomfield Ave. to a local user group.

“Micro Strategies has grown significantly in the three decades since its founding,” Vaynberg said. “Over time, the firm expanded its innovation center and office personnel into separate spaces and wanted to pull its full team back together under one roof. “Our team engaged in a comprehensive market search and uncovered this off-market opportunity for Micro Strategies. 1140 & 1160 Parsippany Blvd. was a recently renovated, well-run asset that offered Micro Strategies an excellent investment opportunity while allowing Micro Strategies to consolidate and accommodate their future growth needs. “This property turned out to be an ideal fit for Micro Strategies given its location with direct highway access, branding opportunity and room for growth,” he said.

According to Cushman & Wakefield’s 2015 (Q1) Office Marketbeat for New Jersey, this transaction is further evidence of the robust demand within Morris County that has buoyed Northern New Jersey’s strong leasing activity since the end of 2014.  It also exemplifies the type of amenity-rich, mixed-use office parks in non-CBD markets that, according to Cushman & Wakefield’s 2015-2017 U.S. Office Forecast, will continue to draw major corporate relocations and expansions over the next few years.

Founded in 1983, Micro Strategies takes a consultative and customer-centric approach to providing end-to-end technology solutions, from infrastructure to line-of-business software, for organizations across a range of industries. Micro Strategies has extended its offerings over the past several years in the areas of enterprise content management, security and mobility, business intelligence and cloud computing. Its innovation center features IT hardware and software solutions from leading technology vendors such as IBM, Microsoft, Alfresco, HP, Lenovo, Cisco and more.

“Our move to Parsippany allows us to be centrally located to better serve our clients, recruit talent and significantly expand our innovation center with a larger testing lab, additional next-gen product installations and demos and educational training center,” said Micro Strategies’ Anthony Bongiovanni, president and CEO. “Putting the client first in everything we do has been a key component in our company’s growth over the last 30 years, and this move is no exception. It will facilitate our responsiveness to the changing technology landscape as well as our continued focus on developing IT solutions that drive business.”

Micro Strategies has experienced notable year-to-year growth over the past five years, and has expanded its staff from 88 to 140 people in the past three years. The firm currently is occupying portions of both 1140 and 1160 Parsippany Blvd., with plans to expand in place in the near future. The firm also maintains an office in Malvern, Pa.

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