CBRE on Wednesday announced four new office lease transactions at Mount Kemble Corporate Center in Morristown.
Located at 350-360 Mount Kemble Ave., all four deals total 39,832 square feet and bring the Class A, two-building office complex 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: “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.”
In the largest transaction, NFP – represented by CBRE’s Jeffrey Babikian and Conor Dolan – inked a 16,970-square-foot lease. NFP was looking to relocate its offices from an existing location in Florham Park. CBRE and Vision Properties worked closely with NFP to accommodate its immediate needs and provided temporary office space before the tenant improvements at its permanent premises were completed.
Technology company Avaya committed to an 11,161-square-foot expansion at the property. The firm previously occupied 36,937 square feet 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 square feet of office space, which they will utilize 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 square feet of fully furnished and move-in ready office space, which provided substantial savings for the firm. Mike Marchese of Chilmark Real Estate Services represented 1792 Wealth Advisors.
The office complex is located between Morris and Somerset counties, easily accessible from Interstates 287 and 78, and Routes 24 and 202, and is minutes from downtown Morristown.