Marcus Partners Purchases Waterview Plaza in Parsippany

On Jun 3, 2015

Marcus Partners today announced the acquisition of Waterview Plaza (2001 Route 46 East) in Parsippany, as the company’s second investment in its newest fund, Marcus Capital Partners Fund II, L.P. Through its two funds, Marcus Partners now owns approximately 800,000 square feet of commercial real estate in New Jersey.

The property, containing 130,000 square feet of office space, is the only office property in Parsippany to offer magnificent views of the picturesque 775-acre Boonton Reservoir.

Marcus Partners will be immediately commencing a $2.6-million capital improvement program at Waterview Plaza in order to visually and functionally transform it into a boutique Class A property. The program will encompass the creation of a high-end café and complete renovations of lobbies, interior and exterior entryways, parking areas, landscaping, restrooms, common-area corridors, and HVAC systems.

“We look forward to creating an outstanding, fully renovated, and amenity-rich building in this wonderful location. I have never seen views of this quality anywhere else in Parsippany, and if real estate is about location, then this property is as good as it gets,” said David Fiore, who leads Marcus Partners’ New York Metro office.

The property is further differentiated by its flexible floor plates, which offer small and mid-size tenants a variety of efficient design options, rarely available in the local office market in such a high-quality property.

Waterview Plaza is located on US Route 46 and is immediately adjacent to the intersection of I‐287 and I‐80 in Parsippany, two of northern New Jersey’s most important commuter roadways. Parsippany is part of Morris County, which is known for its central location and ease of access from the surrounding regions. The county‘s central location and transportation network has played an important role in its growth and development, and the area is recognized as a leading location for businesses within New Jersey.

The seller of the property was represented by David Bernhaut, Andy Merin, Andy Schwartz, and Nick Karali of Cushman & Wakefield. Marcus Partners has retained Bill Brown, a 30-year market veteran, and Jason Tenenbaum of Cushman & Wakefield as its leasing team.

 

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