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.”