Two New Tenants Lease Space At Cedar Knolls Corporate Center
This article originally appeared in City Biz List
Two recent, long-term leases at Cedar Knolls Corporate Center reflect stepped-up demand at the 118,000-square-foot, Class A office property. According to Cushman & Wakefield, Inc., exclusive leasing agent, the newest tenants were drawn by recent building improvements and motivated pricing being offered by MB1 Capital Partners, which acquired the asset last summer.
p–value Communications, a medical communications firm serving the healthcare industry, committed to 8,380 square feet at Cedar Knolls Corporate Center, relocating from a Parsippany address. Chris Conklin and JC Giordano from Jones Lang LaSalle served as tenant brokers.
Additionally, OLI Systems, a privately owned simulation technology firm serving chemical manufacturing and engineering service companies, as well as public and private research organizations, relocated to 6,002 square feet at the property. Kathi Sica and John Negri from Coldwell Banker Commercial NRT represented the tenant in its relocation from Morris Plains.
"MB1 purchased Cedar Knolls Corporate Center last year in a cash sale at a discounted price," explained Jason Tenenbaum, who is heading the Cushman & Wakefield leasing team with Paul Giannone and Kevin Carton of the commercial real estate services firm's Morristown, N.J., office. "This has allowed the company to invest in substantial building improvements, while at the same time offering an aggressive rent structure. These leases are particularly gratifying because they show that tenants are recognizing the property as a great value in a competitive market."
Located on 15 acres at 240 Cedar Knolls Road, Cedar Knolls Corporate Center sits at the crossroads of the Morristown-Parsippany office corridor, with easy access to routes 10 and 24, interstates 287 and 80, and many local roadways. The building houses a diverse tenant roster and offers a high degree of flexibility – with spaces from 1,600 to 15,500 square feet currently available, according to Tenenbaum.
The four-story Cedar Knolls Corporate Center offers a park-like setting and amenities including a café that will soon be expanded to a full-service cafeteria, newly renovated restrooms, ample parking, an ATM, scenic walking paths and onsite management. MB1's ongoing improvement program will introduce additional conveniences at the Energy Star-labeled building in the coming months.
"This combination of a complete amenities package and affordable, updated space distinguishes Cedar Knolls Corporate Center as the right choice for mid-size and small users like p–value Communications and OLI Systems," Tenenbaum noted. "We are excited to see MB1's vision and efforts transitioning culminating in a great value at this attractive location."