New 23,000 Sqft Lease at Revamped Parsippany Office Building
American Equity Partners has signed two notable leases at a Parsippany office building, including a deal to bring Provident Bank to the nearly 197,000-square-foot property.
According to Newmark, the agency team for 9 Entin Road, the lender has taken 23,000 square feet under a long-term commitment with AEP. Brokers announced the deal last week as part of 58,000 square feet of recent activity at the renovated building off Interstate 287, which also includes a long-term lease extension with Tilcon for its existing 35,000-square-foot footprint.
Newmark Senior Managing Director Jamie Drummond, Associate Director Andrew Perrotti and Associate Luke Reid represented ownership, noting that the deals bring 9 Entin Road to more than 90 percent occupancy. Jeff Babikian and Mark Trevisan of CBRE represented Provident, while Josh Cohen and Ben Brenner of Cushman & Wakefield represented Tilcon, the building materials company.
“With ownership’s commitment to investing in the property, 9 Entin Road has been elevated into a true Class A environment that resonates with today’s office users,” Drummond said. “Surpassing 90 percent occupancy underscores both the strength of the asset and the market’s response to a building that delivers quality, amenities and long-term value.”
In announcing the deals, Newmark noted that AEP recently completed a multimillion-dollar update of the three-story property that yielded a modern conference center, a tenant lounge, food service, new modern lobbies and restrooms, a fitness center with locker room and shower facilities and updated landscaping. All of which is meant to capitalize on the building’s highway access and tenants’ demand for upscale workplaces. he agency is marketing two remaining units of 7,000 and 10,000 square feet.