Tenants Re-Commit as Renovation Nears Completion at Waterview Plaza

Waterview Plaza, 2001 Route 46 East, Parsippany, NJ

PARSIPPANY, NJ—Marcus Capital Partners’ $2.6-million capital improvement program has led to three tenant lease renewals at Waterview Plaza in Parsippany just six months after Marcus acquired the 130,000-square-foot office property. The renovation of Waterview Plaza’s lobbies and common areas added stone floors, wood accents, decorative lighting and original artwork. The upgrades included a new, full-height, clear glass entryway with heated sidewalks and a patio area. The patio space adjoins a newly opened, full-service Starbucks -branded café offering beverages, food and catering. Waterview Plaza overlooks the 775-acre Boonton Reservoir. “Our client came in with a mindset to create a boutique building that stands out within the Parsippany market,” says Cushman & Wakefield’s Bill Brown, who is heading the leasing assignment for the complex with MariaGrace Iantosca of the commercial real estate services firm’s Morristown, NJ, office. “ Marcus Partners is updating Waterview Plaza’s accommodations and amenities, and leveraging the property’s panoramic reservoir views to create a distinctive environment for current and future tenants.” Brown credits this progress to the recent tenant renewals. Ronald Gelok and Associates expanded from 1,500 to 4,006 square feet and extended its long-term lease at the property. Larry Dickstein from Dickstein Real Estate served as tenant broker in this transaction. Wells Fargo Home Mortgage renewed its multi-year, 3,973-square-foot lease. The company was represented by Gregg Najarian of Savills Studley . And Morrison Mahoney renewed its multi-year lease of 2,878 square feet. It was represented by Bryn Cinque and Jim Bailey of Colliers International . “ Waterview Plaza’s existing tenants are responding positively to the property’s new ownership immediately implementing the improvements they promised,” Brown says. “We also are seeing increased interest from potential new tenants. It is clear that companies in the market for space are pursuing a true boutique building that offers something unique from the norm.” The Cushman & Wakefield team currently is marketing spaces from 1,500 up to 17,000 contiguous square feet. The property’s other key tenants include Hennion & Walsh and HQ Global Workplaces, LLC/Regus Corp. Waterview Plaza is located on seven acres at 2001 Route 46 East in Parsippany, near the intersection of I-80 and I-287, just minutes from Routes 202, 10 and 24. Morristown and Newark Liberty airports are 15 and 35 minutes away respectively. Marcus Partners is currently investing its $250-million Marcus Capital Partners Fund II in select markets on the East Coast. When fully invested, the fund will own approximately $600 million of commercial real estate.