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1599 Littleton Road in Parsippany — Courtesy: JLL
By Joshua Burd
The site of a 104,000-square-foot office building in Parsippany is on the market for sale in what brokers say is a new opportunity in the town’s growing redevelopment pipeline.
JLL is marketing the nearly 10-acre property at 1599 Littleton Road, roughly a mile north of Route 10, touting the potential to reposition the asset and capitalize on both its highway access and its location within Morris County. The three-story building sits among the many pharmaceutical, food, technology and retail companies that still anchor Parsippany’s office market, but also in an area that has seen aging commercial properties be repurposed as mixed-use, multifamily and other development types.
Jose Cruz, Ryan Robertson, Jeremy Neuer and Michael Zlotnick lead the JLL marketing team on the assignment, while the firm’s Thomas E. Didio Jr. and Gerard Quinn are listed for debt advisory.
“The repositioning of 1599 Littleton Road will allow a future investor to capitalize on both the pocket of significant wealth present in the immediate area and the dense population of the highly educated workforce,” JLL wrote in a recent marketing email. It added that the property is just over four miles from downtown Morristown and its array of upscale apartment buildings, office users and retail and restaurant amenities, while it’s minutes from interstates 287 and 80.
Currently home to NJM Insurance, 1599 Littleton Road is also less than two miles from the NJ Transit’s Morris Plains train Station.
Nearby redevelopment projects include PARQ Parsippany, a large mixed-use residential property that is repurposing much of the 45-acre Lanidex Plaza at the junction of interstates 80 and 287. At 1515 Route 10, the former site of the long-vacant, 288,742-square-foot Intel Corporate Center, a joint venture is now building 60,000 square feet of retail and restaurant space, 498 luxury apartments and a town center space.
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