Parsippany Mayor Jamie Barberio is looking forward to GAF’s relocation of their corporate headquarters from Wayne to Parsippany.
The move is expected to happen in 15 months, said James Murphy, GAF's vice president of business development.
Barberio proclaimed that “Parsippany is open for business,” and GAF will set its roots at the existing 330,000 square foot building at One Campus Drive in the Mack-Cali Business Campus.
“Parsippany has the largest suburban office space in the State of New Jersey,” said Barberio. “Despite hard economic times, the business climate in Parsippany is vastly improving with the influx of companies like GAF and others that find Parsippany attractive because of easy access to major highways. It is their investment in Parsippany that shows confidence and strength in the Parsippany office market and in my administration.”
Wayne may not be too pleased to have 600 jobs leave their municipality and the company has been in Wayne for more than 30 years. The property is assessed at $11 million and GAF paid nearly $545,000 in property taxes this year.
“The Township of Parsippany-Troy Hills welcomes GAF, which is a worldwide leader in commercial and residential roofing. There is no doubt that Parsippany’s newest corporate resident will bring diversity and further stability to the township’s economy,” according to a release from Barberio’s office.
Located along Route 10, the original building at One Campus Drive was built in 1981 and over the years was the former home to Prudential Insurance Company, American Home Products, Cendant and most recently, Realogy, which left about six months ago. The last complete renovation of the three-story building was in November 1996 when American Home Products was the sole tenant, according to the release.
“Our offices in Wayne, as well as this community, have been terrific for us for many years, and leaving here will be difficult.,” said Bob Tafaro, CEO of GAF. “However, the building in Parsippany offers us a modern office with improved work efficiencies which will allow us to continue to improve our services to our customers while providing room for future growth.”
Within that office district lie the Mack-Cali, Gatehall and Mount Pleasant Office Parks, which collectively house 35 office buildings containing more than 5,500,000 square feet of office space. Some of the buildings are either owner-occupied or completely leased by a single company. GAF joins a group of companies that occupy office space in this region including Wyndham Worldwide, The Medicines Company, Daiichi Sankyo, NJ Manufacturers Company, Dun’s Marketing, American Financial, Avis, T-Mobile, Tiffany and Delta Dental.
“Twenty-five years ago, this region was considered the premiere suburban office area in the State of New Jersey housing companies like Prudential Insurance, Chubb Insurance, General Motors and Nabisco. This was due to the proximity of the office parks to major highways like Routes 80, 287, 10 and 46 and the corporations that occupied the buildings. That statement is as true today as it was back then. Although the names of the owners have changed over the years, the corporate strength of these new owner/tenants has remained the same. The majority of these office buildings has been renovated to today’s standards with revitalized entranceways and upgraded office space. With the addition of companies like GAF, Parsippany continues to be a desirable location for businesses. Location, location, location always seems to win in a difficult leasing environment,” according to the release.