Duff & Phelps, LLC Renews 33,000-SF Office Lease in Morristown, N.J.
-- As Tenant Representative, Colliers Co-Brokers Transaction with JLM Partners --
MORRISTOWN, N.J., Nov. 1, 2017 – Duff & Phelps, LLC this fall renewed its 33,000-square-foot office lease at Headquarters Plaza in Morristown. A long-time tenant at the downtown Morristown office tower, the financial services firm occupies two full floors at the 571,000-square-foot property.
Colliers International NJ LLC Inc. (NASDAQ:CIGI, TSX:CIG) and JLM Partners, LLC co-brokered the transaction as tenant representatives. Richard Mirliss, Richard J. Madison, Alex Vitro and Jack Callahan, based in Parsippany, N.J., and Dan Arends and David Burden, based in Chicago, comprised the Colliers team, along with Jim McCormick from Washington D.C.-based JLM Partners, LLC. As landlord representatives, Robert Donnelly, Jr. and Ben Brenner from Cushman & Wakefield serve as exclusive agents for Headquarters Plaza, which is owned by the Olnick Organization and Fisher Development Associates.
“This renewal followed a methodical process in which we carefully examined alternatives within the larger Morris County market,” Mirliss said. “Ultimately, Morristown’s CBD amenities – from restaurants and shopping to mass transit – are a major driver in the firm’s ability to attract and retain talent. Headquarters Plaza, itself, has hotel, gym, movie theater and underground parking.”
Mirliss noted a lack of available big-block space in Morristown continues to present a supply/demand challenge. “Morristown has very few availabilities that meet larger tenant requirements,” he said. “Based on Duff & Phelps’ current and anticipated needs, it really proved to be the best fit for today and can also accommodate future expansion.”
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