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2200 Nj-10, Morris Plains, ...

Parsippany Building LLC Leases 65000 Square Feet At 2200 Nj-10 Morris Plains New Jersey
LEASEDOffice

Parsippany Building LLC Leases 65000 Square Feet At 2200 Nj-10 Morris Plains New Jersey

2200 Nj-10, Morris Plains, NJ, 07950

Building Size

65,000 SF

Asset Type

Office

Closing

Nov 19, 2023

AI

A fraternal organization has leased space at a 65,000-square-foot office building located at 2200 Nj-10, Morris Plains, NJ, within the Morris Plains market. The lease has been finalized with The Ukrainian National Association, representing the landlord, Parsippany Building LLC. The property, constructed in 1985, is currently undergoing upgrades to modernize its common areas and amenity spaces.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Landlord: Parsippany Building LLC
  • Landlord's Representative: Andrew Kirshenbaum, Arthur Hixson & Barry Mayer - NAI James E. Hanson
  • New Tenant: The Ukrainian National Association
  • Address: 2200 Nj-10, Morris Plains, NJ, 07950
  • Square Feet: 65,000

The deal was facilitated by NAI Hanson brokers Joshua Levering, Nick DePaolera, Andrew Kirshenbaum, Arthur Hixson, and Barry Mayer on behalf of the landlord. The Ukrainian National Association has a history in Morris County spanning 125 years and is known for providing insurance products aimed at financial peace of mind. The new location offers convenient access to major interstates and routes.

Players

Andrew Kirshenbaum

Newmark

Broker

4 deals

Broker

Morris Plains 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