Marcus Partners Sells NJ Office Asset for $50M
JLL capital markets represented the seller and procured Liberty Properties as the buyer of the 232,000-square-foot, Morristown office building.
MORRISTOWN, NJ – Liberty Properties LLC has acquired a 232,000-square-foot, class A office building in Morristown, NJ for $50 million. The company purchased the property from an affiliate of Marcus Partners.
JLL capital markets’ senior managing directors, Jose Cruz and Kevin O’Hearn and senior directors, Steve Simonelli and Michael Oliver represented the seller and procured the buyer to complete the sale.
Situated on a 20-acre property, the three-story asset, 44 Whippany Road, recently underwent more than $18 million in renovations.
The property now features on-site amenities, including an executive conference center, a Starbucks-branded café, a fitness center with Peloton and LifeFitness equipment, an outdoor patio and picnic area and an atrium dining area.
Located near Interstate 287 and Rte. 24, with direct access to the Patriot’s Path walking trail, the office property additionally offers a bike-share and ride-share program.
“We’re thrilled to have helped Marcus execute their business plan so quickly,” says O’Hearn. “Having sold this to them in 2017 when it was 47% leased, and now more than doubling occupancy, also reflects the high level of leasing demand for well-located properties that have been fully repositioned.”