"The Parsippany location just didn't do it for us, based on our employees and local road patterns," says Storis' president and CEO Donald J. Surdoval. "Our move is also a highly complex one with intricate construction and fit-up considerations."
Randy Eigen, managing director of CB Richard Ellis, was the exclusive broker repping Mt. Arlington Development. Storis was represented by Eric Ladden of Cornerstone Realty. Terms of the lease were not disclosed.
The building is the newest part of what is now the four-building Mt. Arlington Corporate Center, where "leasing activity has been strong," says Williams J. Myrtle, managing partner of Mt. Arlington Development. Renovations are also under way at 100 and 200 Valley Rd., two of the campus' other existing buildings, and targets for the available space include headquarters, sales or other corporate operations.
And the building at 400 Valley Rd. is actually the first of what Myrtle terms "a new generation" of buildings at the center. Plans call for two more buildings, with ground slated to be broken by the end of the year for the second. The three buildings, including 400 Valley Rd., will add nearly a half million sf of class A office space to the site.
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