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PARSIPPANY, NJ-The new saw for real estate end-users in this tight market is that if you don’t jump at the space you’re considering for your new location within a few weeks, even days, don’t expect it to be around when you do get around to making up your mind.

That was indeed advice well taken by New York Life Investment Management Holdings. Just two weeks after scoping out the under-construction Morris Technology Center in Parsippany, NJ, which is owned by Wellsford/Whitehall Group, Chatham, NJ, NYL snapped it up, even though it won’t be able to take occupancy until six months or more from now. Besides being one of the largest lease deals in NJ so far this year, it’s also among the fastest.

“It clearly illustrates the pent-up demand that is forcing tremendous velocity in the commercial real estate market here,” points out Tom Glerum of Cushman & Wakefield of NJ’s East Rutherford who represented the Wellsford/Whitehall in the deal. George Keller of C&W’s New York City also represented the owner. The transaction also involved NYL representatives Tony Luisi and Dan McConnell, as well as C&W’s Jeff Heller (NJ), and Bruce Mosler and Mitti Liebersohn (NY).

NYL Investment Management, which provides investment and money management services to a $117 billion portfolio, will relocate 550 employees from two different Parsippany locations to the new Morris Technology Center location.

According to NYL Investment Management president/COO Steve Roussin, “we wanted to stay in Parsippany for the convenience of our existing employees, but it was important to find a property big enough for us to be able to consolidate our headquarters under one roof while accommodating future growth.”

Morris Technology Center is located on the 20-acre site of a former candy factory. It features a three-story atrium lobby, an open-air courtyard and high-end finishes. The going rate for space at the complex is around the $26 per sf mark. According to brokers in the market, existing neighboring properties are asking in the range of $31 per sf.

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