PARSIPPANY, NJ–Two of the KRE Group's tenantsat its Parsippany Corporate Center have signedlease extensions and expanded their office space.

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Frontline Medical Communications, Inc.committed to 25,665 square feet at 7 Century Dr. for a five-yearterm. At 3 Century Dr., Emergency Medical Associates of NewJersey signed a 12-year lease for the entire third floorof the 68,203 square-foot building.

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Both companies cited growth in the economy and an improved jobspicture as motivating factors in their expansions, according toKRE.

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“Both 3 Century Drive and 7 Century Drive are now 100% leased,”said Justin Gingeleskie, KRE's leasing director.“The buildings' desirable locations near major highways such asRoute 287 and Route 80, combined with attractive lease rates, havecontributed to the properties outperforming the market.”

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The Parsippany market has been ailing with high vacancy for mostof a decade, but has shown signs of stabilization recently.

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Last month, when Brookwood acquired two olderbuildings at the Morris Corporate Center inParsippany, it noted that there had been positive absorption ofspace in four of the five most recent quarters. Also, theunemployment rate in Morris County is down to 5.8% at lastreporting, from a high of 8% in 2010.

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There is no new office construction in the pipeline in thesubmarket. KRE says its strategy is to continually modernize andupgrade its properties.

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The Century Drive buildings are located just off Route 202, nearrestaurants, hotels and shopping. 3 Century Drive is a reflectivebronze glass and masonry building that features a full-service caféand a recently expanded and re-surfaced parking lot. 7 CenturyDrive is a similar modern building with a mahogany and granitelobby and a recently expanded and re-surfaced parking lot.

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