HFF closes $21.5 million sale of 44 Whippany Road in Morristown, New Jersey
FLORHAM PARK, NJ – March 7, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $21.5 million sale of 44 Whippany Road, a 230,000-square-foot, Class A office building in Morristown, New Jersey.
HFF marketed the property exclusively on behalf of the seller, RXR Realty, and procured the buyer, an affiliate of Marcus Partners.
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 LLP.
The HFF investment sales team representing the seller was led by senior managing director Jose 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,” stated 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.”
About RXR Realty
RXR Realty LLC (“RXR”) is a vertically integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR employs approximately 380 people with expertise in a wide array of value creation activities including repositionings, uncovering value in complex transactions, various forms of debt investments and structured finance arrangements. RXR is one of the largest owners, managers, and developers in the New York metropolitan area. RXR’s operating platform manages 87 commercial real estate properties and investments comprising 23.1 million square feet located in the New York metropolitan area with an aggregate gross asset value of approximately $12.7 billion. In addition, RXR has a residential development pipeline of approximately 3,000 units located in the New York metropolitan area. For more information about RXR, visit rxrrealty.com.
About Marcus Partners
Marcus Partners is a value-oriented real estate investor, operator and redeveloper based in Boston, Massachusetts, with regional offices in Norwalk, Connecticut and Secaucus, New Jersey. The firm invests in real estate and related assets through its fully discretionary $250 million Marcus Capital Partners Fund II, L.P., pursuing a mix of strategic and opportunistic investment strategies. It currently owns, manages, or owns and manages a diversified portfolio that includes approximately 4.5 million square feet of office, medical office, research and development, warehouse and industrial properties located along the East Coast. For more information about Marcus Partners, please visit marcuspartners.com.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.