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300 Headquarters Plaza, Mor...

Duff & Phelps Renews 33,000 SF Morristown Office Lease At Headquarters Plaza
LEASEDOffice

Duff & Phelps Renews 33,000 SF Morristown Office Lease At Headquarters Plaza

300 Headquarters Plaza, Morristown...

Building Size

33,000 SF

Asset Type

Office

Closing

Nov 22, 2023

AI

The office lease transaction at 300 Headquarters Plaza in Morristown, encompassed a 33,000-square-foot property. Duff & Phelps, the tenant, renewed their lease for the two full floors they occupy within the 571,000-square-foot office tower owned by Olnick Organization and Fisher Development Associates.

Summary of transation details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Tenant: Duff & Phelps
  • Landlord: Olnick Organization, Fisher Development Associates
  • Square Feet: 33,000
  • Tenant's Rep: Richard Mirliss (P & M Advisors)
  • Landlord's Rep: Robert Donnelly, Jr. (Cushman & Wakefield)

The deal was brokered by Colliers International NJ LLC Inc. and JLM Partners, LLC serving as tenant representatives and Robert Donnelly, Jr. and Ben Brenner from Cushman & Wakefield representing the landlord. The lease renewal underscored Morristown's appeal as a prime location for Duff & Phelps, offering CBD amenities and a vibrant atmosphere that align with the firm's talent retention strategy.

Players

Robert Donnelly, Jr.

Cushman & Wakefield

Broker

3 deals

Broker
OO
Olnick OrganizationLandlord

Market Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93