CBRE Group Announces Sale of Morris Corporate Center 4, Parsippany

On Feb 17, 2015

CBRE Group, Inc. announces that Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca, of CBRE Institutional Properties, combined with Remy deVarenne and Sarah Jones-Maturo, of CBRE’s Saddle Brook office, to represent a subsidiary of MetLife in the sale of Morris Corporate Center 4 (“MCC 4”) in Parsippany.  The team was also responsible for procuring the buyer, a joint venture between Intercontinental and Ivy Realty. This follows on the 2014 sale of Morris Corporate Center 1 & 2 (529,362 square feet).

MCC 4 is a modern generation, largely vacant office property containing approximately 345,218 square feet within two interconnected five-story buildings (369 and 379 Interpace Parkway). The property is situated within the 182-acre Morris Corporate Center campus consisting of high quality buildings totaling approximately 1.75 million sq. ft., and is recognized for its premier brand throughout metropolitan New York. Morris Corporate Center is located within ¾ of a mile from I-80 (Exit 42B), Route 46 and Route 202 and just two miles from I-287, which provide exceptional north/south and east/west access.

Constructed in 2000, MCC 4 is the newest office building in Morris Corporate Center and is renowned for its preeminent design that features a polished and flamed granite facade, four-story central atrium and institutional quality finishes throughout. Its incomparable park setting containing preserved woodlands, jogging trails, ponds and a magnificent waterfall offer an unmatched modern work environment.

Mr. Dunne commented: “The property benefits from a newly completed amenity package including a state-of-the-art fitness center, modern café and tenant lounges, which further strengthens its position as the leading availability for large users in the New Jersey market.”

CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City and around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed more than $9 billion in property sales in all property types over the last five years.

CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: 131 Morristown Road a 212,000-square-foot office building in Basking Ridge, which is 100 percent leased; 225 Brae Boulevard, a 222,000-square-foot office property that was formerly the Hertz World HQ in Park Ridge; One Sony Drive a 220,000-square-foot office building in Park Ridge; and 185 & 201 Tabor Road, a 66-acre office campus with redevelopment potential in Morris Plains.

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