MORRISTOWN, NJ—An affiliate of Marcus Partners acquired 44 Whippany Road, a 230,000-square-foot, class A office building in Morristown, NJ, from RXR Realty for $21.5 million.
Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller and procured the buyer. The HFF investment sales team representing RXR Realty was led by senior managing director José Cruz, managing director Kevin O'Hearn, directors Michael Oliver and Stephen Simonelli, associate director Marc Duval and support by executive managing director Michael Tepedino and senior managing director Andrew Scandalios.
“44 Whippany is well located within the suburban Morris county market,” says Cruz. “The property is a great option for tenants that need flexible leasing options in the Western New Jersey submarkets. The new owner will be substantially repositioning this building.”
44 Whippany Road is located just off Interstate 287 and about one mile from downtown Morristown, which offers many high-end restaurants and boutique shops. Additionally, the Morristown and Convent Train Stations are located less than two miles from the property. The three-story property was recently renovated and features a café, fitness center, conference room, three-story atrium lobby and terraces for third floor tenants. Key tenants at the 47-percent-leased building include AON, Cigna and Locke Lord.
MORRISTOWN, NJ—An affiliate of Marcus Partners acquired 44 Whippany Road, a 230,000-square-foot, class A office building in Morristown, NJ, from RXR Realty for $21.5 million.
Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller and procured the buyer. The HFF investment sales team representing RXR Realty was led by senior managing director José Cruz, managing director Kevin O'Hearn, directors Michael Oliver and Stephen Simonelli, associate director Marc Duval and support by executive managing director Michael Tepedino and senior managing director Andrew Scandalios.
“44 Whippany is well located within the suburban Morris county market,” says Cruz. “The property is a great option for tenants that need flexible leasing options in the Western New Jersey submarkets. The new owner will be substantially repositioning this building.”
44 Whippany Road is located just off Interstate 287 and about one mile from downtown Morristown, which offers many high-end restaurants and boutique shops. Additionally, the Morristown and Convent Train Stations are located less than two miles from the property. The three-story property was recently renovated and features a café, fitness center, conference room, three-story atrium lobby and terraces for third floor tenants. Key tenants at the 47-percent-leased building include AON, Cigna and
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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].
