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Real Estate Journal — New Jersey — August 15 - 28, 2014 — 13B


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N ew J ersey

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P 50 Parsippany Rd. at full occupancy after three signings Cushman & Wakefield inks 18,800 s/f of office leases ARS IPPANY , NJ — Commercial real estate services firm


Cushman & Wakefield has completed three office leases totaling nearly 18,800 s/f at 50 Parsippany Rd. in Parsippany, completing the lease-up of the 50,535 s/f class A office building. The firm’s Morristown-based team of Bill Brown and Jon Wil- liams represented the owner, IBEW Local Union 102 Hold- ing Corp. in the transac- tions. 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 telecommu- nications fields throughout Hunterdon, Morris, Passaic, Somerset (portion), Sussex, Union and Warren counties. In the largest transaction, the Great American Insur- ance Group signed a long- term renewal for its 10,000 s/f offices. The tenant was repre- sented by J.C. Giordano and Chris Conklin of JLL . Nicholas Pascarella & Co., a financial services and plan- ning firm, signed a new lease for 6,576 s/f. Jon Williams of Cushman &Wakefield repre- sented 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 s/f. The tenant was represented by Cushman &Wakefield’s Mor- ristown-based Josh Cohen . Constructed in 2007, 50 Parsippany Rd. is situat- ed 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 park- ing. Features include a build- ing management system, energy-efficient LED light- ing 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 Wil- liams. “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.” n

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