Building Repositioned as Crossroads Corporate Center

Repositioning is alive and well in the tight New Jersey office market, out of necessity as much as anything, given the relative dearth of developable land and the lengthy process for new development. And Lincoln Property Co., based in Edison, NJ, has been fashioning a track record of making old buildings new again. The latest example of the statewide trend is the former class B 199 Pomeroy Rd. in Parsippany, NJ, which has just been reborn as the high-tech-oriented Crossroads Corporate Center. The final piece to the conversion puzzle at the Crossroads property came with the signing of Vitts Networks to a 50,721-sf lease. The deal served to fully lease up the 76,262-sf suburban property.,

The project cost Lincoln Property Co., “multimillion dollars” (the exact amount hasn’t been released), and Lincoln vice president Mike Taylor cites it as an example of the importance, in a tight market, of “recognizing the opportunities that do exist and finding a way to take advantage of them.” He credits GVA Williams’ New Jersey division for concluding the leasing effort successfully.,

Like most successful building conversions, this one has something to do with location. It’s sited near I-80 and I-287. Nearby are the Parsippany Sheraton Hotel and an Embassy Suites Hotel, as well as the Prudential Business Campus. New York City is about 30 miles to the east.,

Among improvements to the building, according to Taylor, is a new computer-controlled energy management system with individual variable control boxes.,

Vitts Networks provides high-speed Internet communications and enterprise networking services. The company is occupying the first and second floors of the revamped property, and will shortly begin constructing a new data center. The other key tenant at Crossroads is Magellan Behavioral Health, a subsidiary of Magellan Health Services.

Andrew Somple of NAI/James Hanson, Hackensack, NJ, represented the tenant. John Cunningham and Bryn Cinque from GVA Williams acted on behalf of the owner.