Two new transactions at Morris Corporate Center

Real Estate Weekly, Sept 8, 1993

Activity continues at Morris Corporate Center in Parsippany, New Jersey, where more than 275,000 square feet in leases, expansions and renewals have occurred during the first half of 1993. The two most recent include a new lease and a lease extension/-relocation of an existing tenant. SJP Properties of Parsippany is owner, developer and manager of the 1.4 million-square-foot complex which contains the completed and 98 percent leased Morris Corporate Centers I, II and III.

Principal Mutual Life Insurance Company leased space for its New Jersey Group and Pension Sales Office at Morris Corporate Center III. The company will move from another Parsippany location in September of 1993. Principal works with businesses to design employee benefits programs and group insurance plans. It is the largest provider of 401K benefits in the nation. Its parent company, The Principal Financial Group, is headquartered in Des Moines, Iowa.

Additionally, Transamerica Financial Services renewed its lease and relocated its regional offices from Morris Corporate Center I to Morris Corporate Center III. The company originally moved to the park in 1989. Headquartered in Los Angeles, California, Transamerica Financial Services is the fourth largest independent consumer lending organization in the United States, based on real estate secured receivables. The company specializes more in making fixed-rate first and second mortgage loans to homeowners nationwide. It also offers revolving real estate secured lines of credit and unsecured personal loans.