On the UPS end, the transaction was arranged by Fernando F. Gonzalez, regional real estate manager in the company's New York office, along with Thomas P. Consiglio, a principal of Resource Realty of Northern New Jersey, based in Parsippany. Terms of the lease were not released.
Southgate II, a three-story office building at 435 South St., is part of the larger Southgate Corporate Office Center here. The 730,000-sf, three-building complex, located just outside of Morristown, is a joint venture between the Commercial Realty Group of Morris Plains, NJ and Lawrence Zirinsky Associates of New York City. The property is currently fully leased to major corporations.
"In a challenging real estate market, transactions in the 200,000-sf range are rarely seen," points out Andrew H. Billing, a principal of Commercial Realty Group. Billing adds that he's "elated that UPS has renewed a long-term lease, ending speculation that it would relocate to a new site closer to its Atlanta headquarters.
"We are especially pleased with the UPS transaction because it is, I feel, a vote of confidence for our park," Billing adds.
"Anytime you can retain 1,000 jobs, it's a great thing," comments Morris County Freeholder Director John Murphy. "Prestigious companies, large or small, are always welcome in Morris County."
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