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

"It clearly illustrates the pent-up demand that is forcingtremendous velocity in the commercial real estate market here,"points out Tom Glerum of Cushman & Wakefield of NJ's EastRutherford who represented the Wellsford/Whitehall in the deal.George Keller of C&W's New York City also represented theowner. The transaction also involved NYL representatives Tony Luisiand Dan McConnell, as well as C&W's Jeff Heller (NJ), and BruceMosler and Mitti Liebersohn (NY).

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