Mane USA Finds New Home in NJ
- Jun 07, 2017
Prism Capital Partners, in a joint venture with The Davis Cos., announced the disposition of 339 Jefferson Road in Parsippany, N.J. The 102,000-square-foot building traded for $15.65 million, public records show. The buyer was French flavor and fragrance manufacturer Mane USA, which will move its headquarters from 60 Demarest Drive in Wayne, N.J., and plans to occupy 70,000 square feet. The asset was formerly known as Kingsbridge Corporate Center IV and last changed hands in 2013, for a reported $7.25 million.
Prism Capital Partners is currently fitting the construction to meet the new owner’s corporate headquarters needs and will continue to manage the property.
“The drive to do more in less space has resulted in a growing number of single-tenant properties being repurposed to accommodate multiple users with smaller requirements,” Prism Capital Partners Principal Edwin Cohen said in a prepared statement.
The granite building went through a series of renovations and includes features like an upgraded full-height atrium lobby with fireplace and a refurbished fitness center and café. According to Yardi Matrix, the three-story asset was built in 1987 and sits on five acres, offering 410 covered and surface parking spaces.
The Morris County asset is located in the vicinity of stores, restaurants and Sheraton Tara and Hyatt House hotels. Interstate 80 and Interstate 287 are nearby, providing tenants with easy access to and from Jersey City and New York City. Mane’s relocation brings the building to full occupancy, with Hollister Construction and Ascent Laboratories occupying the remaining space.
Image courtesy of Yardi Matrix