NEW OWNERSHIP NAMES CBRE GROUP, INC. EXCLUSIVE LEASING AGENT AND PROPERTY MANAGER OF MORRIS CORPORATE CENTER 1&2
Brookwood Financial Partners, LLC, Plans Major Capital Improvements
PARSIPPANY, N.J. (July 8, 2014) – CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that it has been selected to serve as the exclusive leasing agent and property manager of Morris Corporate Center 1&2, the Class-A office park located in Parsippany, N.J. CBRE has more than 10 years experience leasing and managing the property, which was recently acquired by a new owner, an affiliate of Brookwood Financial Partners, LLC.
The CBRE team of Leo Paytas and Greg Barkan, senior vice presidents; Garrett Rioux, senior associate, and Erin Wenzler, client services specialist, will oversee leasing on behalf of Brookwood. The team of Neil Kurtz, managing director; Helen Samuelson, director of asset services, and Ria Di Popolo, senior manager, will oversee management of the property.
CBRE also announced that ownership will be making significant capital improvements to the facility’s lobbies, fitness center, conference facility and cafeterias. The renovations will be geared towards providing a superior experience for tenants at the office park.
“We’re excited to have the opportunity to maintain our long-term relationship with Morris Corporate Center and to continue to demonstrate our strength as managers and leasing agents for the office park,” said Mr. Paytas. “We feel that Brookwood’s decision to stick with CBRE really demonstrates that our reliability and persistence as a firm is recognized throughout the region.”
“We will work with Brookwood to implement forward-looking ideas and concepts at Morris Corporate Center,” said Mr. Barkan. “The corporate campus already provides tenants with a number of highly sought-after features, and these planned capital improvements will further contribute to that.”
Morris Corporate Center 1&2 consists of five office buildings, totaling 541,000 square feet, and offers superb access and high visibility for corporate tenants, as well as a host of amenities both in the complex and the surrounding area. The complex, which is currently about three-quarters occupied, is located just one mile from the four-way interchange of interstate routes 80 and 287 and offers 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. Within Morris Corporate Center, there are two cafeterias, a 5,000 square-foot fitness center and a 1.5 mile-long jogging and walking trail alongside the property’s pond. In addition, 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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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 equity firm that acquires real estate and invests in private companies. Since 1993, Brookwood has acquired 129 properties totaling approximately 12.5 million square feet of office, retail, flex and research & development space as well as 143 hotel rooms, 138 condominium units, 572 apartment units and 1,360 residential building lots. Brookwood has acquired real estate throughout the United States including in Arizona, California, Colorado, Florida, Georgia, Maine, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, Texas and Virginia. In addition, Brookwood has invested in private companies in the wireless communications, restaurant, software and outsourcing industries. Brookwood has invested over $593 million in equity to acquire assets with a realized and unrealized value of over $1.6 billion.