One example of the trend is the 248,000-sf class A Five Woodhollow Rd. here, which is situated at the confluence of I-287 and I-80 near the Sheraton Parsippany. The property is said to have all the amenities of a corporate headquarters, including a cafeteria, exercise center, credit union, data center and conference center. The building is being marketed by Les Smith and Kevin Murphy of Cushman & Wakefield of New Jersey.
"The property is being offered at a highly competitive rate, far below average asking rents for class A space in this market," according to Smith. "In the past year, those asking rents have risen to more than $30 per sf."
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