PARSIPPANY, NJ — Commercial real estate services firm Cushman & Wakefield recently orchestrated the acquisition of 1140 and 1160 Parsippany Blvd. in Parsippany, on behalf of long-time Morris County-based Micro Strategies, Inc. In a significant expansion move, the technology solutions company has relocated its headquarters to the two-building, 46,000 s/f property from locations in Denville and Rockaway.
Cushman & Wakefield’s Slava Vaynberg, Marc Trevisan and David Sherman arranged the off-market purchase from Hampshire Companies. The team also arranged the sale of Micro Strategies’ 10,000 s/f Denville property at 85 Bloomfield Ave. to a local user group.
“Our team engaged in a comprehensive market search and uncovered this off-market opportunity for Micro Strategies. 1140 & 1160 Parsippany Blvd. was a recently renovated, well-run asset that offered Micro Strategies an excellent investment opportunity while allowing Micro Strategies to consolidate and accommodate their future growth needs. “This property turned out to be an ideal fit for Micro Strategies given its location with direct highway access, branding opportunity and room for growth,” Vaynberg said.
According to Cushman & Wakefield’s 2015 (Q1) Office Marketbeat for New Jersey, this transaction is further evidence of the robust demand within Morris County that has buoyed Northern New Jersey’s strong leasing activity since the end of 2014. It also exemplifies the type of amenity-rich, mixed-use office parks in non-CBD markets that, according to Cushman & Wakefield’s 2015-2017 U.S. Office Forecast, will continue to draw major corporate relocations and expansions over the next few years.
“Our move to Parsippany allows us to be centrally located to better serve our clients, recruit talent and significantly expand our innovation center with a larger testing lab, additional next-gen product installations and demos and educational training center,” said Micro Strategies’ Anthony Bongiovanni, president and CEO.