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
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