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PARSIPPANY, NJ-Two long-term office leases mark some progress in the comeback of Powder Mill Office Plaza III, a three-story, 105,000-sf class A building here. The building, owned by locally based Powder Mill Management, was fully vacant when the latter gave the leasing exclusive to Cushman & Wakefield of NJ, East Rutherford, in 2006, with that firm’s David Zwang heading the assignment.

The two new tenant signings amount to 31,000 sf, or about 29% of the building’s space. In the larger of the two leases, Artistic Academy has committed to 17,500 sf, according to Zwang, and is relocating to the building’s ground floor from the adjacent Powder Mill Plaza shopping center. The company trains individuals for careers in the salon and spa industry, and its own DePasquale Spa anchors the shopping center. Zwang represented both sides in the office transaction.

In the second deal, Keller & Fitzpatrick, an engineering firm, has taken 13,500 sf on the building’s second floor. The company is relocating to the property, which is located at 301 Gibraltar Dr. here, from another Parsippany location in an expansion move. Kenneth Flynn of CB Richard Ellis represented Keller & Fitzpatrick.

The terms of the two lease signings were not disclosed. The remaining available space, which amounts to approximately 74,000 sf, is currently listed with an asking price of $15.50 per sf. Tenant allowance and term are listed as “upon request.”

Located at the interchange of Routes 10 and 202 near I-80 and I-287, Powder Mill Office Plaza III continues in the midst of a general makeover by Powder Mill Management. According to Zwang, that involves “a full program of common area upgrades. The improvements and increased tenant activity in the Parsippany market are generating significant interest in the remaining partial- and full-floor availabilities. Class A office space in Parsippany is in high demand.”

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