Oct 8 2009
Mack-Cali Realty Corporation (NYSE: CLI), on behalf of the partnership that owns 1 Jefferson Road in Parsippany, today announced that Day Pitney LLP has signed a long-term lease for 100,000 square feet at the property. The transaction is believed to be the largest new lease signed in northern New Jersey in 2009.
Day Pitney is a full-service law firm with approximately 375 attorneys. It has offices in New York, New Jersey, Connecticut, Massachusetts, and Washington, DC. The firm is relocating from 200 Campus Drive in the Park Avenue at Morris County office campus in Florham Park and is leasing the entire class A building, which is located in The Center of Morris County business campus. 1 Jefferson Road was the fourth and final building to be constructed at the campus, which totals 850,000 square feet and includes such prestigious firms as State Farm Insurance, Novartis Consumer Healthcare, and Deloitte.
"1 Jefferson Road offers our firm an opportunity to design and construct new space that will meet the firm's needs in the New Jersey market for years to come," said Dennis R. LaFiura, co-chairman of Day Pitney's executive committee. "A brand new building will allow us to upgrade our IT and phone systems, which will allow for better integration with our other offices and better service for our clients. Having our own building also gives us greater brand recognition while affording us the flexibility to grow."
The building's ownership is a joint venture partnership among institutional investors advised by J.P. Morgan Asset Management, The Hampshire Generational Fund, LLC, and Mack-Cali. Mack-Cali is responsible for the leasing and management of this class A office building.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "Day Pitney is a welcome addition to our roster of blue-chip tenants. We are extremely pleased the firm has chosen this location, and we look forward to providing a superior experience for years to come."
"While the local leasing markets in New Jersey continue to be challenged in these times of economic uncertainty, Day Pitney's long-term lease commitment speaks volumes about the quality of the building, its superb location, and the credibility of the asset's ownership," commented Norman Feinstein, executive vice president of The Hampshire Companies.
Source: http://www.hampshireco.com/