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Developer buys back Parsippany property

NJBIZ STAFF//May 16, 2011//

Developer buys back Parsippany property

NJBIZ STAFF//May 16, 2011//

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SJP Properties announced last week it had bought back the first phase of Morris Corporate Center IV, a five-story, 350,000-square-foot Class A office property that the real estate developer originally built in 1999 as part of its 182-acre master-planned Morris Corporate Center campus in Parsippany. NJBIZ first reported in Grapevine on Jan. 31 that SJP was close to completing the acquisition.

The company repurchased the first phase, located at 389-399 Interpace Parkway, from Lexington Realty Trust for $63 million; the company sold the asset to Lexington in 2000 for $81 million, according to the township tax assessor’s office. The new deal, which closed Feb. 4, was done in partnership with Northwestern Mutual Life Insurance.

SJP said it plans to invest in a number of upgrades to the first phase, which is 93 percent leased to tenants such as Reckitt Benckiser and Cadbury-Schweppes. It also owns the 350,000-square-foot second phase of Morris Corporate Center IV, which it completed in 2000 and includes the company’s headquarters building.  – Evelyn Lee