Intercontinental Real Estate Corporation Acquires Morris Corporate Center 4
In Parsippany, New Jersey.
Boston, MA – Intercontinental Real Estate Corporation, (“Intercontinental”) a national real estate investment, development, and management firm headquartered in Boston, MA announced the acquisition of Morris Corporate Center 4 in Parsippany, New Jersey. This acquisition was led by Michael Keyes, Director, Acquisitions and Patty Pytlik, Associate Director, Acquisitions.
Morris Corporate Center 4 is a Class A office property consisting of two interconnected 5-story buildings totaling 345,218 square feet. Intercontinental purchased the Property in a Joint Venture with Ivy Realty. The Property is conveniently situated within the 182-acre Morris Corporate Center, a premier Class A office campus totaling approximately 1.75 million square feet. Morris Corporate Center provides exceptional north/south and east/west access as the park is located less than a mile from I-80 (Exit 42B), Route 46 and Route 202 and only two miles from I-287.
The subject asset is the newest office building in Morris Corporate Center and is considered to be one of New Jersey’s premier properties illustrated by its timeless architecture and modern design, including a dramatic atrium lobby, elegant finishes featuring fine woods and granite and flexible, center core floor plates. Property amenities include a café, fitness center, tenant lounge and coffee bar with televisions and seating throughout the common areas, and a conference center with moveable walls for maximum flexibility.
Tom Taranto, Director of Acquisitions, Portfolio & Asset Management commented, “We are pleased to once again partner with Ivy Realty. Ivy’s experienced, proven management team will lead our capital plan to reposition and lease up this high quality, very well located Class A property. “
Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $8 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $3.7 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.intercontinental.net for more information.
About Ivy Realty
Ivy Realty, www.ivy-realty.com, is a fully integrated real estate operating company with over 5.7 million square feet of commercial property investments. The firm offers asset and property management, construction and leasing services in the Northeastern corridor of the U.S., including New York and New Jersey, and in Southeast Florida. The firm is headquartered in Greenwich, Connecticut.