Prism Joint Venture Acquires 102,433-Sq.-Ft. Parsippany Office Building
Firm joins with The Davis Companies to buy the Class A 339 Jefferson Rd.
Parsippany, New Jersey (I-Newswire) January 16, 2013 - Prism Capital Partners LLC has joined forces with The Davis Companies to acquire 339 Jefferson Road, a 102,433-square-foot, three-story class A office building in Parsippany. The transaction, brokered by Gary Gabriel of Cushman & Wakefield, Inc.'s Metropolitan Area Capital Markets Group, marks the second joint venture between the two companies. In 2012, they teamed to acquire a 180,000-square-foot industrial building in Elmwood Park.
The newly acquired 339 Jefferson Road, formerly known as Kingsbridge Corporate Center IV, is adjacent to the Prism-owned 399 Jefferson Road, which the company acquired in 2003 as its first investment, subsequently sold to a user and reacquired in 2010. Prism recently signed Biomet Technologies to a long-term lease at 399, with that company joining Pinnacle Foods in the now 100-percent leased asset.
For the Prism-Davis joint venture, which acquired 339 Jefferson Road from The Realty Associates Fund IV, the transaction offers substantial upside potential. With just 8,000 square feet currently leased, the building offers two full-floor opportunities of more than 37,000 square feet each.
"There has been a resurgence of activity on Jefferson Road," said Edwin H. Cohen, principal of Prism. "It's a street that was largely vacant for a good period of time and is now very well-occupied by corporate-quality tenants. We feel, based upon the history, that it's a tremendous marketing advantage to have full floors of that size available, and we are very optimistic for the building's future."
The market's resurgence has included a full-building corporate headquarters lease by Evonik Industries at the adjacent 299 Jefferson Road, as well as the leases by Biomet and Pinnacle at Prism's 399 Jefferson Road. Other major corporate users on Jefferson Road include ADP, Lexus Motors, computer products maker PNY, and Pfizer, among others.
Constructed in 1988, 339 Jefferson Road "was built to corporate headquarters standards," said Cohen. "We are strong believers in this segment of the market. It is one of the only buildings in the area with underground parking in addition to surface parking. It is a granite building with a beautiful presence, featuring a three-story, full-height atrium."
Situated on five acres, 339 Jefferson is strategically located near the junction of I-80 and I-287 in Parsippany. The full-service Sheraton Tara hotel and Hyatt House are minutes away.
"The building is in excellent condition, and we will be launching a strong marketing effort backed by well-capitalized ownership," said Cohen.
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Published On:January 16, 2013
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