Ohio STRS Signs 50,000 SF in New Leases

PARSIPPANY, NJ-Approximately 50,000 sf of office leasing activity has just been completed at Morris Corporate Center I and II here. The Columbus, OH-based STRS owns the two-building, 520,000-sf office complex at 300 Interpace Pkwy., off Interstate 80 here.

In the largest of the four signings, consulting firm Towers Perrin has expanded and renewed for a total of 29,000 sf at the site. And JHP Pharma, a newly formed specialty healthcare company, has signed a new lease for 12,311 sf, and will use the space as its headquarters.

Generali Employee Benefits, meanwhile, has renewed its lease for 4,457 sf. And DSP Clinical Research has signed a new lease for 4,228 sf. Terms of the four deals were not released; availabilities at the property are currently listed with an asking price of $30.50 per sf.

The landlord was represented in all four transactions by SVP Richard Danesi, first VP Gregory Barkan and VP Brian Godau of CB Richard Ellis, Saddle Brook. Managing director Jerry Moore and SVP Craig Zurick of the Garibaldi Group, Chatham, represented JHP Pharma; the other three tenants were represented in-house.

“Morris I and II are undergoing extensive capital improvements, which is a strong incentive to both new and existing tenants,” Danesi says. “As a result, this campus has been experiencing tremendous leasing activity, and this location is attracting a variety of corporate users.”

The latest round of leasing activity follows the signing, just more than a year ago, of a total of 185,000 sf of transactions, headed by Zurich American Insurance’s deal for more than 52,000 sf. Others coming aboard or renewing during that previous round included Ipsos Loyalty, e-commerce shipper Inttra, Principal Life, the RCG Group, Selective Insurance and Mutual of America.

Ohio STRS bought the property in 2000 from an affiliate of the locally based SJP Properties, Morris Corporate Center’s original developer. The new owner hired CBRE to manage and lease the buildings shortly after acquiring them.