Marcus Partners Purchases 44 Whippany Road in Morristown, NJ Plans Transformational Repositioning Program
Norwalk, CT – Marcus Partners is pleased to announce the acquisition of 44 Whippany Road, a 229,157 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.Back to All News