PARSIPPANY, NJ–Norwalk, CT-based Marcus Partners has acquired and will renovate Waterview Plaza, a 130,000-square-foot class A office building at 2001 Route 46 East in Parsippany in a sale arranged by Cushman & Wakefield for owner Waterview Plaza Associates LLC, which developed the property in 1981.
Cushman & Wakefield's Metropolitan Area Capital Markets Group (CMG) team of David Bernhaut, Andy Merin, Andy Schwartz and Nick Karali represented Waterview Plaza Associates in the transaction.
“This transaction highlights the fact that the market has seen an uptick in office investment deals,” says Bernhaut. “Indeed, the highly liquid Morris County market, which benefits from a resilient and diverse business community, has accounted for 25 percent of all Northern New Jersey office building sales in the past 10 years, and that trend is continuing.
Marcus named Cushman & Wakefield's Bill Brown and Jason Tenenbaum as leasing agents for the property.
Marcus is planning a $2.6 million capital improvement program including renovation of the building's lobbies and common areas, interior and exterior entryways, parking area, landscaping, restrooms and HVAC systems, as well as adding a high-end café on-site.
The five-story Waterview Plaza is on seven acres near the intersection of I-80 and I-287, just minutes from Routes 202, 10 and 24, with water views of the 775-acre Boonton Reservoir. Morristown and Newark Liberty airports are 15 and 35 minutes away respectively. Key tenants include Hennion & Walsh (23,200 square feet), and HQ Global Workplaces, LLC/Regus Corp. (20,000 square feet), both with long-term leases.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
