Morris Corporate Center III, 400 Interpace Parkway, Parsippany, NJ

PARSIPPANY, NJ—Ogilvy CommonHealth Worldwide, a healthcare marketing services firm, has signed an 11-year lease renewal for 83,497 square feet within Building C at the class A, 530,000-square-foot Morris Corporate Center III, 400 Interpace Parkway, Parsippany, NJ.

The property was sold in July 2011 to an affiliate of JPMorgan Chase for $109.2 million by TIAA-CREF, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate property sales, transfers, and refinancings. It could not be determined if JPMorgan purchased the property on behalf of investors or for its own portfolio.

The building owner was represented by Jonathan Meisel, managing director; Fred Hyatt and Daniel Spero, vice presidents, all with Jones Lang LaSalle. Ogilvy CommonHealth Worldwide was represented by Jeffrey Babakian, executive vice president, and Nicholas Savage, senior vice president, CBRE.

“Ogilvy CommonHealth truly appreciated Morris Corporate Center III and preferred to remain within the complex,” says Meisel. “Ownership continues to make many improvements to the property, which was honored by the Building Owners and Managers Association with an Outstanding Building of the Year Award in each of the past three years. The attention to detail from ownership and JLL's management team had a great deal to do with helping keep Ogilvy CommonHealth at the complex.”

Ogilvy CommonHealth Worldwide will occupy the entire fourth floor along with a portion of the second floor and third floor of Building C. The healthcare marketing services firm relocated most of its space from Building B within Morris Corporate Center III.

JLL has served as property manager and exclusive leasing agent at Morris Corporate Center III since December 2007. Property management services at the complex are overseen by Dana Getz, JLL group manager and senior vice president; Brian Finnerty, chief engineer; and Shayonne Jefferson, assistant general manager. JLL also serves as exclusive leasing agent for the building, with Meisel, Hyatt and Spero overseeing marketing and transaction services.

Building improvements were overseen through a partnership between JLL's Property Management and Project and Development Services groups, with the effort led by Getz; Jerry Sullivan, senior vice president; and Susan Pady, senior project manager. Ownership has made a significant investment, with completed work including new white reflective roofs; heating, ventilation and air conditioning infrastructure mechanical improvements; a fiber-optic backbone to support a campus-wide energy management system; a renovated four-story atrium with energy-efficient LED, light-emitting diode lighting; a new fitness center; electric vehicle charging station; upgrades to the café server area; enhancements to the café seating area and common area soft seating.

In addition, the property's common corridors are being upgraded with new carpet, wall covering, ceiling system and energy-efficient LED lighting; and the complex's common-area restrooms are being renovated with a new decorative accent tile in the vanity area, as well as new subway wall tile, porcelain floor tile, LED light fixtures, and quartz-infused counter tops. Future building improvement plans, which are in the design and development phase, include enhancements to the interior and exterior of the property.

Morris Corporate Center III includes four four-story buildings connected by a grand atrium. Constructed in 1988, the complex is situated on a 182-acre master planned corporate campus in Parsippany. The property is located within three-quarters of a mile of Exit 42 B of Interstate 80 and can be accessed via Cherry Hill Road to Interpace Parkway from the east and from Rt. 46 via Walsh Drive from the north.

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Ogilvy CommonHealth Worldwide Renews 83K SF Lease at Morris Corporate Center III

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