CBRE team arranges pair of sub-leases in Morris Center.

GPU Energy has subleased two-thirds of its office space at Morris Corporate Center 2 after the recent sale of its nuclear energy business and the consolidation of its operations created the excess office space.

GPU Energy has sub-leased 40,000 SF to Zurich American Insurance Company, a leading provider of insurance services, and 26,000 square feet to INTTRA, Inc. an international shipping firm, in a pair of five-year deals arranged by CB Richard Ellis. The CB Richard Ellis team of Kevin Welsh, Steven Frank, Kevin Fishman and Greg Barkan represented GPU Energy in the sub-lease deals.

Morris Corporate Center 1 and 2, which are identical, 260,000 SF buildings off Route 80 near the inter section of Route 287, are owned by the State Teachers Retirement Systems of Ohio (STRS).

Before sub-leasing the 66,000 SF, GPU Nuclear had occupied about 100,000 SF - or an entire pod of these Class A buildings - with five years remaining on its lease.

"GPU just didn't need the office space at Morris Corporate Center-2 after the sale of its nuclear energy business and the consolidation of its operations. The sub-tenants are getting prime space in one of New Jersey's premiere office projects, and the ownership of the property gets some very desirable and credit worthy sub-tenants," said Welsh, a vice president in the Paramus office of CB Richard Ellis. "They were deals that made sense for everybody."

Zurich American, which is relocating from Florham Park, was represented by Joe Priola of National Realty Advisers, LLC. INTTRA, which is opening its first area office, was represented by Jeff Prezant of Cushman & Wakefield.

INTTRA has already moved in, and Zurich American will do so in June.