PARSIPPANY, NJ-Auditing giant Deloitte & Touche is relocating and expanding into 160,000 sf of new construction space at 100 Kimball Dr. here, essentially filling one of the only spec office buildings in the state.

“It was a consolidation of some other user groups, as well as generic expansion,” says Mark Yaeger, president and chief investment officer, Gale Real Estate Services. “They have a new corporate standard for space planning.”

Gale, now a subsidiary of Mack-Cali Realty Corp., recently completed construction of the 175,000-sf, five-story building, the third to rise in the Center of Morris County office park. Despite a high office vacancy rate throughout New Jersey, very few large blocks of space are available. Gale’s leasing of the building so soon after construction is testament to that logic.

Only 15,000 sf of space will be left to fill in 100 Kimball Dr. after Deloitte takes its four and a half floors. The move in is targeted for Dec. 15. Deloitte doesn’t have far to move its staff, coming from around 90,000 sf at 2 Hilton Court, also in Parsippany.The Hilton Court space won’t be left vacant, though. “The beauty of this deal is the existing tenant, Daiichi Sankyo, the Japanese pharmaceutical firm, has an arrangement with Mack-Cali to backfill the space Deloitte is leaving. So this is net absorption,” Yaeger says.

Gale’s in-house vice president of leasing Jim Nugent brokered the deal for the landlord. Deloitte had Don Finkelstein of Florida’s Finkelstein Commercial Realty Services representing it. Terms of the lease aren’t being revealed, but Yaeger describes it as “long-term.” Space in 100 Kimball Dr. was being marketed at $35 per sf, gross.

With 100 Kimball Dr. essentially filled, Gale is now looking to build the fourth and final building in its 850,000-sf master plan for the Center of Morris County. “There’s one more to go. It’s about 100,000 sf, at One Jefferson Rd. We’re in conversations now with our partners about possibly breaking ground of that this summer.”

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