P3 Properties plans extensive rebranding, repositioning effort for property; JLL to market, lease Class A, 541,000-square-foot office complex
JLL has been selected by P3 Properties as exclusive leasing agent for MCC III, located at 400 Interpace Parkway in Parsippany, N.J. The firm will provide a full range of leasing and marketing services at the Class A, 541,000-square-foot office complex.
The JLL professionals overseeing the leasing assignment include Frank D. Recine, executive managing director; Timothy Greiner, executive managing director and head of JLL Agency Leasing in New Jersey; Blake Goodman, executive vice president; and Fred Hyatt, senior vice president. The team will work closely with Harvey Rosenblatt, CEO, of P3 Properties along with Shades Design & Marketing in developing the marketing and rebranding initiative for MCC III.
“We’re excited to work with P3 Properties on marketing and leasing the available space at the complex,” said Recine. “P3 is set to unveil its unique vision for the marketing, rebranding and renovation of MCC III. The property is already one of the highest-quality office complexes in Morris County and Harvey’s vision will only elevate the asset further. P3 Properties is focusing its energy and capital on creating an experience and environment to help employers attract key talent.”
“P3 Properties understands what is important to today’s discerning tenants, and that one of their primary site selection criteria is an exceptional environment for their employees and visitors,” said Greiner. “Brokers will find that P3 Properties brings an enhanced level of service and responsiveness to both the brokerage community and to their clients. We are excited to partner with Harvey in the execution of his vision at what is soon to be known as MCCBLUE.”
“We viewed the acquisition of MCCBLUE as a terrific investment with a great deal of potential,” said Rosenblatt. “Our team at P3 has worked many months to develop and create an identity and branding overhaul for MCC III. Frank, Tim, Blake and Fred were crucial to our efforts, providing many creative suggestions to improve our plans.”
MCCBLUE, formerly known as Morris Corporate Center III, is a Class A, 541,000-square-foot commercial office complex comprised of four four-story buildings connected by a grand atrium. The property is situated on a 182-acre master planned corporate campus in Parsippany and was constructed in 1988. The superbly landscaped setting includes fountains and pedestrian seating areas. The complex has a three-story parking garage in addition to surface parking options.
MCCBLUE hosts a diversified tenant profile, evidenced by the varied cross-section of business including pharmaceuticals, communications and marketing and other professional services.
The property is located within three-quarters of a mile of Exit 42B of Interstate 80 and can be accessed via Cherry Hill Road to Interpace Parkway from the east and from Route 46 via Walsh Drive from the north.
Previous ownership completed a multimillion dollar capital improvement program that included new white reflective roofs; heating, ventilation and air conditioning infrastructure mechanical improvements; a fiber-optic backbone to support a campus-wide energy management system; a renovated four-story atrium with energy-efficient LED, light-emitting diode lighting; a new fitness center; electric vehicle charging station; upgrades to the café server area; enhancements to the café seating area and common area soft seating.
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,000 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from three full-service offices in Parsippany, Iselin (Metropark) and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey. JLL’s New Jersey operations were honored by NJBiz magazine as one of its 2015 Best Places to Work in New Jersey.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.