Brokerage firm Cushman & Wakefield recently announced the sale of a 517,466-square-foot office property in Parsippany and arranged the financing of a property in Woodcliff Lake.
In Parsippany, Cushman & Wakefield represented P3 Properties, who acquired the Morris Corporate Center III, a Class A office building on 27 acres located at 400 Interpace Parkway. The brokerage worked alongside JP Morgan Asset Management, who advised the seller, an institutional investor.
Gary Gabriel, Andrew Merin, David Bernhaut, Kevin Donner, Brian Whitmer and Andrew MacDonald of Cushman led the assignment.
The firm’s Debt and Structure Finance Group led by John Alascio and Sridhar Vankayala arranged $58.8 million in purchase financing as well.
“In today’s improving suburban office market, as the aging millennial workforce increases its migration to the suburbs to raise families, it is apparent that corporate users are increasingly focused on providing a superior work environment that will enable them to attract and maintain talent,” Bernhaut said. “The size, amenities and location of Morris Corporate Center III positions P3 Properties to capitalize on this trend by creating and offering a product that meets and exceeds that requisite.”
The Morris Corporate Center is 62 percent leased to four tenants with an average remaining lease term of more than six years. Tenants at the property include TEVA Pharmaceuticals and Ogilvy CommonHealth Worldwide.
“We seek real estate opportunities where we can add value, and MCCIII presents an exciting repositioning play,” Harvey Rosenblatt, P3 Properties CEO and founder, said. “We immediately will focus on leveraging the attractive acquisition cost basis to launch a significant capital plan and robust leasing program.”
The property is located at the intersection of I-80, 287 and Routes 46 and 202.
In Woodcliff Lake, John Alascio, Sridhar Vankayala and Andre Hess represented Capstone Realty Group in the arrangement of a $28.5 million financing deal for 50 Tice Boulevard. Cushman & Wakefield serves as the advisor for Capstone Realty on an exclusive basis.
“Built in 1984, the Property totals 247,614 square feet and is currently 82 percent occupied with approximately 30 percent rolling in the near term,” Cushman & Wakefield said in a news release. “The Property is leased to tenants from a diverse set of industries including the pharmaceutical, legal services, and financial services industry. Additionally, the Property offers easy access to and from the Garden State Parkway, and is within close proximity to I-80, I-287, the New Jersey Turnpike/I-95, and New York.”
Blue Vista Finance provided a three-year, floating rate financing deal to Capstone.
“Capstone saw an opportunity to revitalize and reintroduce an asset that historically was the leader in market rents and amenities in the Woodcliff Lake sub-market,” Alascio said. “Lenders competitively bid the value add opportunity with various future funding structures and ultimately Blue Vista stepped up and aligned well with the capital and leasing plan proposed by the Sponsor."