A Morristown office building sold for $50 million after undergoing several major improvements.
Real estate investment, development and management firm Marcus Partners purchased 44 Whippany in 2017 and fully revamped the building with a $7 million capital improvement program, which was used for a new lobby, a new Starbucks cafe and a 95-seat conference center.
Additional aesthetic improvements to the 232,000-square-foot office space include floor-to-ceiling glass installations, an upgraded fitness center, third floor roof terraces, exterior patio installations, new signs and a repaved parking lot.
Liberty Properties LLC purchased the Class A office property for $50 million, Marcus officials said Tuesday.
“44 Whippany is a terrific example of the successful value-add strategy enabled by in 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 SF of new tenancy within six months of upgrade completion, bringing the property from 47 percent to 97 percent leased.”
JLL associates Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver represented both Marcus Partners and Liberty Properties LLC in the sale.
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