Midea America Doubles in Size
Midea negotiated a new office lease in Parsippany, New Jersey, USA with international corporate real estate advisory firm Cresa on July 8. Midea will occupy a space of just under two square kilometres at Five Sylvan Way, double the size of its previous office.
Five Sylvan Way is one of 15 class A office properties located at Mack-Cali Business Campus. Considered one of New Jersey’s top corporate addresses, Mack-Cali Business Campus offers an award-winning office environment situated on a beautiful 600-acre site in Morris County—home to numerous Fortune 500 companies. Tenants take advantage of a host of campus amenities including hotels, restaurants, banking, and a child care center, as well as nearby shopping, restaurants, and business services.
Edward English, vice president, along with Thomas Giannone and Ronald Ganter, managing principals, represented Midea in the transaction. The Landlord, Mack-Cali, was represented in-house by Diane Chayes, senior vice president of leasing, and Brian Decillis, assistant vice president of leasing.
“Midea is doubling in size,” English said in a prepared statement. “Because we work exclusively as tenant representatives with no conflicts of interest, we were able to work equally as aggressively with their current landlord’s portfolio as well as potential new landlords. The value that Cresa was able to bring to the transaction was that we mitigated the financial impacts of doubling in size, while still working to give our client the logistical benefits of their expansion.”
Earlier this year, Midea opened a research and development centre in Louisville, Kentucky, which also serves as a statement of intent for the company’s plans in the United States.
Founded in 1993, Cresa is an international commercial real estate firm headquartered in Boston, Massachusetts. Cresa represents tenants and provides real estate services, including corporate services; strategic planning; transaction management; project management; facilities management; workforce and location planning; portfolio/lease administration; capital markets; supply chain management; sustainability; and sublease and distribution.