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Liberty Properties LLC Acquires Office Building From Marcus Partners In Morristown For $50M

Property Image
SOLD
$50,000,000
Michael Oliver
Kevin O’Hearn
Steve Simonelli

New Jersey

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Office232,000 SF
Sold 11/03/2020
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Property Image
SOLD

Liberty Properties LLC Acquires Office Building From Marcus Partners In Morristown For $50M

44 Whippany Rd, Morristown, NJ, 07960

See Similar Deals
Office232,000 SF
Sold 11/03/2020
Michael Oliver
Kevin O’Hearn
Steve Simonelli
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Office
Price Per Square Foot:$215
Total Square Footage:232,000 SF
Transaction Type:Sale

44 Whippany Rd in Morristown, NJ is a 232,000 square foot Class A office property that was recently sold for $50,000,000. The property, acquired by Liberty Properties LLC, was previously owned by Marcus Partners and is situated in the Morristown market.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $50,000,000.00
  • Address: 44 Whippany Rd, Morristown, NJ, 07960
  • Market: Morristown
  • Buyer: Liberty Properties LLC
  • Seller: Marcus Partners
  • SF: 232000

David Fiore, as the principal and New York Regional Director for Marcus Partners, highlighted the successful value-add strategy implemented at 44 Whippany. The property saw significant improvements after a $7 million capital improvement program, including the addition of new lobby finishes, common area enhancements, a Starbucks-branded café, and a conference center. The upgrade also modernized the fitness center, upgraded the facade, and added new amenities like exterior patio installations and improved parking areas. The transaction was facilitated by brokers Jose Cruz, Kevin O’Hearn, Stephen Simonelli, and Michael Oliver of JLL, representing both Marcus Partners and Liberty Properties LLC.

Players

Steve Simonelli
JLL
Steve Simonelli
64 deals$4.9B volume
BROKER
Michael Oliver
JLL
Michael Oliver
69 deals$4.3B volume
BROKER
Kevin O’Hearn
JLL
Kevin O’Hearn
52 deals$2.3B volume(973) 549-2018
BROKER
Marcus Partners
Marcus Partners
SELLER

Details

SOLD
IMAGE: 11/03/2020 ADDRESS: 44 Whippany Rd, Morristown, NJ, 07960 MARKET: Morristown ASSET TYPE: Office BUYER'S REP: Michael Oliver(JLL), Steve Simonelli(JLL), Michael "Mike" Oliver(JLL) SELLER'S REP: Kevin O’Hearn(JLL) BUYER: Liberty Properties LLC SELLER: Marcus Partners PRICE: $50,000,000.00 SF: 232000

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