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37 Headquarters Plaza

KPMG Leases 66000 Square Feet Office Space At 37 Headquarters Plaza In Morristown
LEASEDOffice

KPMG Leases 66000 Square Feet Office Space At 37 Headquarters Plaza In Morristown

37 Headquarters Plaza

Building Size

66,000 SF

Asset Type

Office

Closing

Jan 7, 2025

AI

The property involved in this transaction is an office asset located at 37 Headquarters Plaza in Morristown. This asset encompasses a total of 66,000 square feet and is situated within a market that is attracting major corporations.

Summary of transaction details:

KPMG is signing a lease for the top four floors of HQ Plaza's west tower as part of its relocation from Short Hills by 2026. The deal is facilitated with the representation of Cushman & Wakefield for HQ Plaza ownership and CBRE for KPMG, highlighting the ongoing trend of major corporations moving into renovated office spaces.

Players

Jeffrey Babikian

CBRE

Broker

$34.3M

vol

6 deals

Broker

Morristown 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