PARSIPPANY,NJ−Brookwood Financial Partnershas acquired MorrisCorporate Center I & II,a 27-year-old office property here that is about 78% occupied. Thepurchase price was not disclosed.
In the sort of “contrarian play” that is becoming more common asthe vacancy-plagued Parsippany market stabilizes, Brookwood plansto invest about $3 million to refresh the buildings and then marketthem aggressively.
MCC I and II were the first buildings put up by SJPProperties at the four-phased corporate center itdeveloped here. SJP sold the buildings to the Ohio StateTeachers State Pension fund in 2000.
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