CBRE GROUP, INC. ARRANGES LEASE FOR YORK RISK SERVICES GROUP INC. AT MORRIS CORPORATE CENTER 2
$3 Million in Capital Improvements Underway at Office Complex
PARSIPPANY, N.J. (June 2, 2015) – CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that it has arranged a lease for York Risk Services Group Inc. at Morris Corporate Center 2, part of the six-pod office campus located at 1 Upper Pond Road and 300 Interpace Parkway in Parsippany, N.J. York Risk Services has signed a 33,000-square-foot lease for a 10-year term at the property.
The CBRE team of Leo Paytas and Greg Barkan, senior vice presidents; Garrett Rioux, senior associate, and Erin Wenzler, client services specialist, lead marketing efforts and secured the lease on behalf of the property’s owner, an affiliate of Brookwood Financial Partners, LLC. In addition, the CBRE team of Neil Kurtz, managing director; Helen Samuelson, director of asset services, and Ria Di Popolo, senior manager, oversee management of the office campus. York Risk Services was represented by Ben Onderdonk, associate director of portfolio account management, and George Grace, managing partner of Mohr Partners, Inc.
“York Risk Services is relocating its corporate headquarters to this Class A, state-of-the-art facility,” said Mr. Paytas. “The move will not only facilitate the company’s growth, but also reflects its market-leading image. Morris Corporate Center is widely recognized in the market for its world-class office space and its top-of-the-line roster of amenities. The on-going capital improvements at the office park will reinforce its status as a great space for York’s employees and their customers.”
Brookwood is investing approximately $3 million in capital improvements to Morris Corporate Center 1&2, which it expects will be completed in mid-2015. The improvements, led by the architectural firm Kimmerle Newman, include renovations to the two existing full-service cafeterias in Buildings 1 and 2; renovations to the existing fitness center in Building 1; the creation of a new conference center in Building 2; improvements to the signage at the property, and renovations to the lobby areas of Buildings 1 and 2.
The Morris Corporate Center 1&2 campus consists of 521,000 total sq. ft. and offers superb access and high visibility for corporate tenants. The complex, which is three-quarters occupied, is just one mile from the four-way interchange of interstate routes 80 and 287, offering easy access to routes 46 and 202. The office park itself provides the quality and features that are fully consistent with a true corporate headquarters environment and its onsite property management ensures superb maintenance and immediately accessible building staff.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Brookwood Financial Partners, LLC
Brookwood is a Massachusetts-based private investment firm founded in 1993 that specializes in acquiring and managing commercial real estate and corporate securities on behalf of a select group of institutional and high net worth investors, family offices and trusts. Since its inception, Brookwood has invested over $740 million of equity to acquire a portfolio of 149 assets with a realized and unrealized value in excess of $1.9 billion that has spanned multiple asset classes, geographical markets and industries across the United States.