JLL Capital Markets closes the $50M sale of 44 Whippany Road
MORRISTOWN, N.J., October 4, 2020 – JLL Capital Markets announced today that it has closed the $50 million sale of 44 Whippany Road, a 232,000-square-foot, Class A office building in Morristown, New Jersey.
JLL represented the seller, an affiliate of Marcus Partners, and procured the buyer, Liberty Properties LLC.
44 Whippany Road is positioned on a 20-acre site in the highly desirable Morristown market of Northern New Jersey. The property boasts convenient access to Interstate 287 and Route 24 and is less than one mile from downtown Morristown.
The three-story property recently underwent more than $18 million in renovations transforming 44 Whippany Road into a unique headquarters-quality property. On-site amenities include an executive conference center, Starbucks-branded café, fitness center with Peloton and LifeFitness equipment, outdoor patio and picnic area and an atrium dining area. Other features include top floor balconies and a picturesque fountain pond. The property also offers a bike-share and ride-share program as well as direct access to the Patriot’s Path walking trail and Frelinghuysen Arboretum.
The JLL Capital Markets team representing the seller included Senior Managing Directors Jose Cruz and Kevin O’Hearn and Senior Directors Steve Simonelli and Michael Oliver.
“We’re thrilled to have helped Marcus execute their business plan so quickly. Having sold this to them in 2017 when it was 47% leased, and now more than doubling occupancy, also reflects the high level of leasing demand for well-located properties that have been fully repositioned,” stated O’Hearn.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Marcus Partners
Marcus Partners is a vertically integrated real estate firm with a strong history of successful investment, management and development. The firm is based in the Financial District of Boston, with regional offices in Metro New York City and Metro Washington, D.C. The firm focuses on strategic and opportunistic investment strategies across residential, industrial, biomedical, medical office, office, and mixed-use properties where it can create value and maximize risk-adjusted returns. Its current portfolio includes approximately 7 million square feet of commercial real estate along the East Coast. For more information please visit marcuspartners.com.