Marcus Partners Expands New Jersey Footprint
- Mar 08, 2017
Morristown, N.J.—Marcus Partners recently announced the acquisition of a 230,000-square-foot office building located at 44 Whippany Rd., in Morristown, N.J. HFF’s Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, Directors Michael Oliver and Stephen Simonelli and Associate Director Marc Duval represented the seller.
The company will implement a $7.6 million improvement program that will include site and landscape improvements, building enhancements, upgraded entrances, a fully renovated lobby, expanded conference center and modernized cafe. The upgraded renovations will transform the property into a high-quality office space.
The three-story building will be a part of the company’s newest fund, Marcus Capital Partners Fund II LP, which is pursuing a mix of strategic and opportunistic investment strategies seeking well-located commercial office, medical office, industrial, research and development properties along the East Coast.
Marcus Partners has successfully completed approximately $66 million of redevelopment work at its other New Jersey assets. At 500 Plaza Drive in Secaucus, N.J., the firm completed a $16.5 million repositioning program in 2014, and more recently welcomed its latest tenant, Quest Diagnostics.
Image courtesy of Yardi Matrix