The signings were arranged by Dennis McConnell and Jodie Matthews of the Parsippany, NJ office of Cushman & Wakefield of NJ, who are the building's exclusive leasing agents. Terms of the separate deals were not disclosed.
Mitsui Sumitomo Marine accounts for most of the total, 55,000 sf in all. The firm, part of the Mitsui Sumitomo Insurance Group, has used the building as the latter's US domestic headquarters and regional claims and underwriting office for the past three years since the former Mitsui and Sumitomo Insurance companies merged. The new lease combines a previous sublease and direct lease and includes additional space for expansion.
Morgan Stanley, which has been a tenant of the building since 1999, is similarly expanding, to a total of 6,500 sf. The firm uses the space as a brokerage office.
Building owner MSI Property (USA) Inc., itself part of Mitsui Sumitomo Insurance Group, will retrofit the latter's space as part of the building upgrade, according to Jim Eilbacher, assistant VP for Mitsui Sumitomo. Central mechanical system and HVAC upgrades are part of the program, as is a redesigned lobby on the fourth floor. The latter's 29,000 sf is currently available in its entirety.
"These expansions and other recent transactions in the local market reflect an upswing in regional demand," says C&W's McConnell. "Within this context, we are seeing a significant amount of interest in the available space at the building."
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