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New York & Tri-State  + New Jersey  + Office  | 
SL Green Signs Leases Totaling Over 450,000-sf in 2022

Teva’s U.S. Headquarters Changes Hands in Parsippany

CBRE’s Jeff Dunne, Jeremy Neuer, Steve Bardsley, Gene Pride, David Gavin, Travis Langer and Zach McHale advised P3 Properties, Image Capital LLC and Lionstone Capital on the majority interest sale of MCC Blue in Parsippany, NJ. Seller and financial terms weren’t disclosed. Located at 400 Interpace Pkwy., the 541,035-square-foot office property serves as the U.S. headquarters for Teva Pharmaceuticals.

“P3 Properties and Lionstone Capital took a once-tired asset and completely repositioned it to meet today’s corporate occupier standards,” said Dunne. “This was the driving force behind securing Teva Pharmaceuticals on a long-term basis.” Teva relocated its U.S. offices to MCC Blue in 2018 from Eastern Pennsylvania. 

Neuer added, “The Parsippany office market continues to evolve at a rapid pace. MCC Blue has raised the bar significantly and created a blueprint for success that other value-add investors in the market will look to replicate.”


Inside The Story

CBRE’s DunneCBRE’s Neuer

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).