"This is the only corporate campus setting in Parsippany located directly at the intersection of two major interstate highways," says Susan Mason JLL senior vice president, who is handling the assignment with Thomas Reilly, the firm's executive vice president. "Each building has floor plates available for tenants of all sizes."
Ivy Corporate Park consists of a total of six buildings. The acquisition of the property by Ivy boosted the firm's holdings in the Parsippany market to nearly 500,000 sf.
In the second assignment, JLL has been picked by JER Partners of McLean, VA, the private equity investment arm of JE Robert Cos., and the New Jersey-based Herring Management to lease their recently acquired 238,000-sf class A office building at 23 Orchard Rd. in Skillman. The assignment will be handled by Mason, along with JLL executive vice president Jon Meisel.
"This is an unusual facility that lies on 70 acres and includes a tennis court, a ball field and a sand volleyball court," Meisel says. "JER Partners and Herring Management specialize in multi-tenant buildings and plan to reposition the property."
JER and Herring bought the property, which is located in the Princeton market, late last year from Computer Associates. The firm occupies most of the building and will continue to do so through 2007. For the longer term, the new owners plan to spend upwards of $2 million to renovate and upgrade the building to prep it for multi-tenant use. The renovation effort will focus on the building's entry points, lobby and common areas and elevators.
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