"The building was an ideal fit given its location," says Ken Flynn, senior vice president of Trammell Crow Co., Florham Park, NJ, who represented Covalence in the transaction. The owner of the building, Parsippany, NJ-based SJP Properties, was represented in-house. Terms of the signing were not disclosed.
One Crossroads Drive is part of Crossroads Business Center, which consists of a two-story building and a three-story building totaling 135,000 sf. Situated at the intersection of I-78, I-287 and Routes. 202/206, its tenant roster includes Philip Morris, Chugai Pharmaceuticals (North American headquarters), Peapack Gladstone Bank and Advest, among others. SJP's portfolio currently consists of 12 million sf of office space with an additional six million sf of development.
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