Trio of Signings Brings the Class A 50 Parsippany Road to Full Occupancy
Commercial real estate services firm Cushman & Wakefield has completed three office leases totaling nearly 18,800 square feet at 50 Parsippany Rd. in Parsippany, completing the lease-up of the 50,535-square-foot class A office building. The firm's Morristown-based team of Bill Brown and Jon Williams represented the owner, IBEW Local Union 102 Holding Corp. in the transactions. IBEW Local Union 102 also utilizes the site as its headquarters and training center. They represent 3,100 members who specialize in the electrical and telecommunications fields throughout Hunterdon, Morris, Passaic, Somerset (portion), Sussex, Union and Warren counties.
In the largest transaction, the Great American Insurance Group signed a long-term renewal for its 10,000-square-foot offices. The tenant was represented by J.C. Giordano and Chris Conklin of JLL.
Nicholas Pascarella & Co., a financial services and planning firm, signed a new lease for 6,576 square feet. Jon Williams of Cushman & Wakefield represented the tenant as well in this transaction.
And Ellie Mae, a provider of enterprise-level automated solutions for the residential mortgage industry, signed a new lease for 2,195 square feet. The tenant was represented by Cushman & Wakefield's Morristown-based Josh Cohen.
Constructed in 2007, 50 Parsippany Road is situated near the intersection of I-287 and I-80, with access to Routes 10, 24 and 46, near several hotels. It consists of three floors of office space atop a level of covered parking. Features include a state-of-the-art building management system, energy-efficient LED lighting and upgraded finishes throughout.
"A key trend in this office market has been a flight to quality, and the lease-up of 50 Parsippany Road is another indication of that trend, and of the quality of this asset and its ownership," said Williams. "Overall, according to our firm's research, the Parsippany market is one of three statewide in which first quarter leasing activity reached quarterly highs that had not been seen throughout 2013."