JLL Inks Lease for P3 with Teva at MCCBLUE in Parsippany

On Jul 25, 2018

JLL has completed a new transaction for P3 Properties at MCCBLUE, located at 400 Interpace Parkway in Parsippany, with Teva Pharmaceuticals USA Inc. The pharmaceutical firm inked a lease for 345,000 square feet at 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 Inc.

“In just six months, JLL, working closely with Harvey Rosenblatt, CEO, of P3 Properties, has been able to fill the available space at MCCBLUE,” said 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,” added 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 even hit the street yet, really set this asset apart in today’s work environment.”

Teva Pharmaceuticals inked a 12-year lease for 345,000 square feet of office space and will occupy the entire 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, office property from 1090 Horsham Road in North Wales, Penn.

“Our team at P3 has been very successful at developing and creating an identity and branding overhaul for MCC III,” said 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 recently completed several other deals for P3 Properties at MCCBlue:

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

MCCBLUE, formerly known as Morris Corporate Center III, is a Class A, 541,000-square-foot commercial office complex comprised 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 superbly landscaped setting includes fountains and pedestrian seating areas. The complex has a three-story parking garage in addition to 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.

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