Marcus Partners has acquired 44 Whippany Road, a Morristown, New Jersey-based office building. The seller is RXR Realty. No financial terms were disclosed.
NORWALK, CT – Marcus Partners is pleased to announce the acquisition of 44 Whippany Road, a 230,000 SF first class office building in Morristown, NJ for its newest fund, Marcus Capital Partners Fund II, L.P. Over the last three and a half years, Marcus Partners has purchased over 1 million square feet of commercial real estate in New Jersey alone, including both office and life science properties.
44 Whippany Road is centrally located with quick access to Interstates 287, 78, 80 and Route 24.
Tenants at 44 Whippany also benefit from convenient train connectivity, with two train stations located less than 5 minutes away from the property offering transportation throughout Morris and Essex communities as well as points east including Newark and New York City.
Marcus Partners will immediately commence a $7.6 million capital improvement program that will transform the property into an exceptional, high quality office property matching the standards Marcus Partners has set at other properties it owns throughout the Tri-State area. The planned repositioning program includes site and landscape improvements, building identification enhancements, upgraded entrances, a fully renovated lobby, modernized café, expanded conference center, targeted façade upgrades, and other improvements to modernize, lighten, and brighten the property. To date, Marcus Partners has successfully completed approximately $66 million of redevelopment work at its other New Jersey assets.
“Tenants are increasingly seeking to locate within attractive live-work- play environments, particularly those with strong connectivity and transit accessibility. 44 Whippany offers these locational benefits and will soon be transformed into the interior office environment today’s top tenants demand – a bright, welcoming, and cheerful environment that simultaneously maximizes natural light, offers modern amenities, and encourages collaboration,” said David Fiore, head of Marcus Partners’ Metro New York office.
One of the primary markets in Northern New Jersey, Greater Morristown has been growing rapidly in recent years. The strength of the overall market is due to Morristown’s fashionable and amenity-rich downtown, tremendous connectivity, strong demographics, large regional hospital, and high quality office stock. The area is recognized as a leading location for businesses within New Jersey.
The HFF investment sales team that represented the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval.
Marcus Partners is currently investing its fully discretionary $250 million Marcus Capital Partners Fund II, LP, pursuing a mix of strategic and opportunistic investment strategies. It is seeking well-located commercial office, medical office, industrial, research and development, and life science properties located along the East Coast. It currently owns and/or manages a diversified portfolio that includes approximately 4.5 million square feet of commercial real estate.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
ABOUT MARCUS PARTNERS
Marcus Partners is a value-oriented real estate investor, operator and redeveloper based in Boston, Massachusetts, with regional offices in Norwalk, Connecticut and Secaucus, New Jersey. The firm invests in real estate and related assets through its fully discretionary $250 million Marcus Capital Partners Fund II, L.P., pursuing a mix of strategic and opportunistic investment strategies. It currently owns, manages, or owns and manages a diversified portfolio that includes approximately 4.5 million square feet of office, medical office, research and development, warehouse and industrial properties located along the East Coast. For more information about Marcus Partners, please visit www.marcuspartners.com