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PARSIPPANY, NJ-Delta Dental has signed an early lease renewal, extending its term for another 10 years at Lincoln Property Co.’s Parsippany Commerce Center here, GlobeSt.com has learned. Delta Dental occupies a little less than 90,000 sf within the 152,000-sf class A office building. The space serves as the tenant’s New Jersey headquarters and is used for executive and administrative purposes.Vice president Rick Genthe was the in-house leasing rep for Lincoln Property Co. in the transaction. The Dallas-based owner has its New Jersey offices in Edison. Delta Dental was represented by Richard Danesi and Linda Dow of CB Richard Ellis’ Saddle Brook office. Additional terms of the lease were not disclosed; however, according to Lincoln’s website, the approximately 28,000 sf of space currently available at the building has an asking price of $25.50 per sf.”After carefully reviewing alternative locations, our real estate people decided that our current facility is the best place for our employees to work for the next 10 years,” Walter VanBrunt, president and CEO of Delta Dental of New Jersey, tells GlobeSt.com. “This location is convenient; it’s accessible; it accommodates our requirements.”Located at 1639 Route 10 near the I-287/I-80 interchange here, the three-story building was last renovated in 1994 and is about to get another upgrade. According to Michael Taylor, senior vice president and head of Lincoln Property Co.’s New Jersey operations, as part of the lease extension his company has agreed to redo several features within the building, which features a three-story atrium, over the next few years.”The upgrades include renovating the hallways and the restrooms, the elevator cabs and all electronics,” Taylor tells GlobeSt.com. “That includes providing an upgraded card access system and CCTV system, installing a back-up generator and upgrading the building automation system. We anticipate that we will spend more than $1.5 million to upgrade the building and systems to keep pace with the standards that tenants are demanding today.”

“We are pleased to have signed this early 10-year lease renewal, and look forward to Delta Dental’s continued tenancy,” Genthe says.

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