44 Whippany Rd., Morristown, NJ
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.