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Renovations at Parsippany Building Yield Leases With Pharma, Construction Firms
NJBIZ
April 12, 2016
Original Article

Tenants have leased more than 22,000 square feet in two recent deals at 339 Jefferson Road in Parsippany, a three-story office building that is undergoing a series of renovations.

The deals include a 9,000-square-foot lease with Ascend Laboratories, a subsidiary of Alkem Laboratories and pharmaceutical provider of generics, according to Newmark Grubb Knight Frank. The tenant is relocating to the 102,000-square-foot building from Montvale.

NGKF Jamie Drummond, senior managing director; David Simson, vice chairman and chief operating officer of New Jersey; and Trevor Patterson, associate director; represented the owner, 339 Jefferson Partners LLC. The owner is a joint venture of Prism Capital Partners LLC and an affiliate of The Davis Cos.

"We relocated to Parsippany to be more centrally located for our business growth and discovered that 339 Jefferson Road's modern design and new amenity package aligned perfectly with our company culture," James Guiliano, chief financial officer of Ascend Laboratories, said in a prepared statement. "The building ownership offered a smooth negotiation process and worked with us to secure the right space for our team."

Ascend was represented in its deal by Howard Weinberg, executive vice president, and Derek DeMartino, vice president, of JLL.

In a news release, NGKF said it also represented ownership in a 2,951-square-foot lease with Hollister Construction Services. The construction firm is expanding beyond its current space and will now occupy a total of 13,500 square feet.

The activity comes after renovations at 339 Jefferson, including a new full-height atrium lobby with banquette seating and a fireplace, the news release said. Construction is also underway on new amenities, including a café and fitness center.

The remaining available space in the building includes 37,564 square feet on the second floor and 38,063 square feet on the third floor.

"The layout of 339 Jefferson welcomes tenants of all types with the opportunity to build out space on each of the floors or to take opportunity of pre-built space," Drummond said. "The recent renovations and add-ons, along with the abundance of windows and open floor plan, are attracting high-quality tenants, and we are confident that the momentum will continue."