Marcus Acquires, Will Renovate Parsippany Office Building

PARSIPPANY, NJ–Norwalk, CT-based Marcus Partners has acquired and will renovate Waterview Plaza, a 130,000-square-foot class A office building at 2001 Route 46 East in Parsippany in a sale arranged by Cushman & Wakefield for owner Waterview Plaza Associates LLC, which developed the property in 1981.

Cushman & Wakefield's Metropolitan Area Capital Markets Group (CMG) team of David Bernhaut, Andy Merin, Andy Schwartz and Nick Karali represented Waterview Plaza Associates in the transaction.

“This transaction highlights the fact that the market has seen an uptick in office investment deals,” says Bernhaut. “Indeed, the highly liquid Morris County market, which benefits from a resilient and diverse business community, has accounted for 25 percent of all Northern New Jersey office building sales in the past 10 years, and that trend is continuing.

Marcus named Cushman & Wakefield's Bill Brown and Jason Tenenbaum as leasing agents for the property.

Marcus is planning a $2.6 million capital improvement program including renovation of the building's lobbies and common areas, interior and exterior entryways, parking area, landscaping, restrooms and HVAC systems, as well as adding a high-end café on-site.

The five-story Waterview Plaza is on seven acres near the intersection of I-80 and I-287, just minutes from Routes 202, 10 and 24, with water views of the 775-acre Boonton Reservoir. Morristown and Newark Liberty airports are 15 and 35 minutes away respectively. Key tenants include Hennion & Walsh (23,200 square feet), and HQ Global Workplaces, LLC/Regus Corp. (20,000 square feet), both with long-term leases.