March 18, 2020
JLL Capital Markets closed the sale of Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 square feet in Parsippany, NJ. The buyer, P3 Properties, already owns the adjacent Morris Corporate Center 3.
Deal terms weren’t disclosed. A JLL Capital Markets team of Jose Cruz, Kevin O’Hearn, Mark Mahasky, Michael Oliver, Steve Simonelli and Nick Stefans represented the seller, an affiliate of Brookwood Financial Partners, LLC, and procured the buyer.
The four-story MCC 1 and 2 properties are currently 67% leased to a variety of tenants including Zurich Insurance, York Risk Services, Ipsos, ICAP and Wallenius Wilhelmsen.
“The sale of MCC 1 & 2 shows the interest from local and regional buyers in New Jersey office and the upside they see in the asset class,” said Cruz.
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