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Upgraded Morristown Offices Sell for $50M
Marcus Partners completed the sale of 44 Whippany, a 97% leased, 232,000-square-foot Class A office property in Morristown, NJ. The buyer was Liberty Properties LLC and the transaction closed at $50 million.
“44 Whippany is a terrific example of the successful value-add strategy enabled by our in-house vertical integration,” said David Fiore, principal and New York regional director for Marcus Partners. “We delivered a best-in-class product that drew 140,000 square feet of new tenancy within six months of upgrade completion, bringing the property from 47% to 97% leased.”
Marcus Partners purchased the property in 2017 and completed a $7-million capital improvement program that year, which introduced new lobby and common area finishes. The initiative also involved the addition of a new Starbucks-branded, full-service café and a 95-seat conference center.
JLL’s Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver represented both Marcus Partners and Liberty Properties.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
