"GPU just didn't need the office space at Morris Corporate Center 2," according to Kevin Welsh, vice president in the Paramus, NJ office of CB Richard Ellis. Welsh, along with CBRE's Steven Frank, Kevin Fishman and Greg Barkan represented GPU in the sublease deals.
"The new tenants are getting prime space in a premier office property," Welsh continues, "and STRS is getting some very desirable and credit-worthy sub-tenants. They are deals that make sense for everybody."
When the sublease deals were cut, GPU still had five years to run on its lease for the 100,000 sf, which amounted to an entire pod of the two-building property. The subleases are, in fact, for a five-year term.
Joe Priola of National Realty Advisors represented Zurich American, which is relocating from Florham Park, NJ; and Jeff Prezant of Cushman & Wakefield of New Jersey negotiated for INTTRA, which is opening its first office in the tri-state region. INTTRA has begun moving into its new offices, and Zurich American expects to be in place in June.
GPU is looking to move the rest of the space, and has retained GVA Williams to represent them in the sublet of the 34,000 sf that remains available. According to Colton Brown, associate director at GVA Williams' Parsippany, NJ office, "there are obviously a number of choice available in the marketplace right now, and many within the Morris Corporate Center. With a five-year term remaining, a rate of $24.75, move-in condition and a location in a premier office park, we feel this space is a solid value."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
