Capital Renovations Lead to New Leases at Parsippany Office Building

339 Jefferson Road, Parsippany, NJ

PARSIPPANY, NJ— Two long-term leases at 339 Jefferson Road in Parsippany, NJ were finalized because of extensive renovations at the property recently. Ascend Laboratories and Hollister Construction Services are leasing 9,000 and 13,500 square feet respectively.  Hollister expanded its space by almost 3,000 square feet. Newmark Grubb Knight Frank senior managing director Jamie Drummond worked with David Simson, vice chairman and COO of New Jersey, and associate director Trevor Patterson to represent the owner, 339 Jefferson Partners —a joint venture between Prism Capital Partners and an affiliate of The Davis Companies —in the transaction. Ascend Laboratories, a subsidiary of Alkem Laboratories and pharmaceutical provider of high-quality and cost-effective generics, is relocating from its current location in Montvale, NJ. Ascend was represented by Howard Weinberg , executive vice president and Derek DeMartino, vice president of Jones Lang LaSalle. “We relocated to Parsippany to be more centrally located for our business growth and discovered that 339 Jefferson Road’s modern design and new amenity package aligned perfectly with our company culture,” says James Guiliano, CFO of Ascend Laboratories. “The building ownership offered a smooth negotiation process and worked with us to secure the right space for our team.”

Lobby of 339 Jefferson, Parsippany, NJ

The 102,000-square-foot, three-story, class A property recently underwent renovations, which include a new full-height atrium lobby that features a modern tenant lounge with banquette seating and a fireplace. Construction is also underway on new amenities, including a café and fitness center. The remaining available space in the building includes 37,564 square feet on the second floor; and 38,063 square feet on the third floor. Situated on five acres, 339 Jefferson Road occupies a strategic location near the junction of I-80 and I-287. Building and monument signage and covered/executive parking is also available. “The layout of 339 Jefferson welcomes tenants of all types with the opportunity to build out space on each of the floors or to take opportunity of pre-built space,” says Drummond . “The recent renovations and add-ons, along with the abundance of windows and open floor plan, are attracting high-quality tenants, and we are confident that the momentum will continue.”