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:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 37 Headquarters Plaza
- Market: Morristown
- Landlord: Seth Schochet - Olnick Organization; Fisher Development
- Tenant: Bill Thomas - KPMG
- Landlord's Representative: Robert Donnelly Sr, Robert Donnelly Jr. - Cushman & Wakefield
- Tenant's Representative: Conor Dolan & Jeffrey Babikian - CBRE
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
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