Successful Leasing Campaign Brings Class A Office Property to 97% Occupancy
CBRE today announced four new office lease transactions at Mount Kemble Corporate Center located at 350-360 Mount Kemble Avenue in Morristown, New Jersey. The new deals, totaling 39,832 sq. ft., bring the Class A, two-building office complex owned in partnership between The Birch Group and Vision Properties, to 97 percent occupancy.
CBRE’s Daniel Casey and Greg Barkan are the exclusive leasing agents at the property and represented ownership during the negotiations.
Built in 2001, Mount Kemble Corporate Center was acquired by The Birch Group and Vision Properties in 2018. At the time, the complex was 81 percent occupied. Subsequently, ownership made a substantial investment updating the cafeteria and fitness center, as well as creating an on-site 55-seat common conferencing/training center, renovating the lobby and implementing extensive exterior landscaping and hardscaping improvements.
Vision Properties’ Asset Manager, David Milewski, who led these initiatives stated that,“The success achieved at Mount Kemble Corporate Center is due to Vision Properties’ longstanding experience and deep understanding of trends in the New Jersey submarkets.We focus on the everchanging needs of existing and prospective tenants and build our strategy around how the asset can uniquely accommodate those needs. Our team was successful in identifying the distinct qualities of the asset and effectively activating those qualities to differentiate the asset against its competitive set and drive leasing velocity.”
In the largest transaction, NFP, which was represented by CBRE’s Jeffrey Babikian and Conor Dolan, inked a 16,970 sq. ft. lease. Following an acquisition, NFP had to relocate its offices from an existing location in Florham Park, New Jersey. CBRE and Vision Properties worked closely with NFP to accommodate its immediate needs and provided temporary office space even before the tenant improvements at its permanent premises were completed.
In addition to NFP, technology company Avaya committed to an additional 11,161 sq. ft. of expansion space at the property. The firm previously occupied 36,937 sq. ft. at the complex but required additional space to accommodate its growing business. Robert Donnelly, Jr. of Cushman & Wakefield represented Avaya in the lease negotiations.
Lord, Abbett & Co. LLC leased 7,817 sq. ft. of office space, which they will be utilizing for a disaster recovery center. The team of Timothy Greiner and Craig Eisenhardt of JLL negotiated the lease on behalf of Lord, Abbett & Co.
Finally, 1792 Wealth Advisors, LLC took 3,884 sq. ft. of office space that was fully furnished and move-in ready, which provided substantial savings for the firm. Mike Marchese of Chilmark Real Estate Services represented 1792 Wealth Advisors.
“Mount Kemble Corporate Center is ideally located in one of the Garden State’s most desirable and affluent markets,” said Casey, First Vice President, CBRE. “Given its proximity to downtown Morristown, a highly sought-after live-work-play destination, and New Jersey Transit Commuter Rail and bus services to New York City, we continue to see tremendous demand by major office users.”
The office complex is conveniently located between Morris and Somerset Counties, easily accessible from I-287, Route 24, I-78 and Route 202, and is just minutes from downtown Morristown, which contains one million sq. ft. of retail space that is comprised of restaurants, boutiques, four-star hotels and entertainment venues. The building is Wired Certified Silver and boasts recently renovated common areas, a full-service cafeteria, fitness center, walking path surrounding a fully landscaped pond, 24-hour security via card access and an on-site conferencing center.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
