Liberty Properties LLC Purchasing 97% Leased Fully Repositioned, Class A Property

Marcus Partners, a real estate investment, management, and development firm, today announced they have completed the sale of 44 Whippany, a 97% leased, 232,000 SF Class A office property in highly sought-after Morristown, NJ. The purchaser is Liberty Properties LLC and the transaction closed at $50 million.

“44 Whippany is a terrific example of the successful value-add strategy enabled by in our in-house vertical integration,” said David Fiore, Principal and New York Regional Director for Marcus Partners. “We delivered a best-in-class product that drew 140,000 SF of new tenancy within 6 months of upgrade completion, bringing the property from 47% to 97% leased.”

Marcus Partners purchased the property in 2017 and completed a $7 million capital improvement program that year, which introduced new lobby and common area finishes. The initiative also involved the addition of a new Starbucks-branded, full-service café and a 95-seat conference center. The fitness center was completely upgraded, adding all new LifeFitness and Peloton equipment. Major façade improvements included targeted floor-to-ceiling glass installations and the activation of 3rd floor roof terraces, new boilers and 3rd floor HVAC. Outside, the program added exterior patio installations, new landscaping and property signage, while expanding and repaving the surface parking areas.

Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of JLL represented both Marcus Partners and Liberty Properties LLC in the transaction.

About Marcus Partners

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