JLL Capital Markets completes the $50 million sale of 44 Whippany Road in Morristown, NJ

44 Whippany Road, 232,000-SF Class A Office Building
 Morristown, NJ

Jose Cruz 

MORRISTOWN, NJ – JLL Capital Markets announced 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.

Steve Simonelli 

 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.

 For more news, videos and research resources on JLL, please visit our newsroom.

  

About Marcus Partners 

 

Marcus Partners is a vertically integrated real estate firm with a strong history of successful investment, management and development.

Michael Oliver

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 http://www.marcuspartners.com/

 

  CONTACT:

Kristen Murphy

JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

 jll.com.