Prism Capital Partners has sold 339 Jefferson Road in Parsippany to Mane USA. A worldwide leader in the fragrance and flavor industry, the French company will relocate its U.S. headquarters to the Class A office property from Wayne as owner/occupier.
Prism’s in-house construction team currently is fitting out Mane USA’s 70,000-square-foot space. The full-service commercial real estate owner/operator will continue as property manager for the fully occupied, 102,000-square-foot property, which also serves as home to Hollister Construction and Ascend Laboratories.
The sale brings Prism’s investment in 339 Jefferson full circle. The company purchased the asset, then known as Kingsbridge Corporate Center IV, in 2013 in a joint venture with a Boston- based investment firm. The partnership completed extensive capital improvements to reintroduce the former corporate headquarters property to the market as a multi-tenant opportunity in 2015.
The repositioning responded to changing tenant requirements within the Northern New Jersey office market. “The drive to do more in less space has resulted in a growing number of single-tenant properties being repurposing to accommodate multiple users with smaller requirements,” noted Edwin Cohen, a principal partner with Prism Capital Partners. “We recognized the potential for this type of repositioning at 339 Jefferson, and we focused on branding the property as a modern, amenity-rich Class A environment.”
The project included a complete overhaul of the building’s soaring, three-story atrium lobby and upgraded finishes throughout. Prism also incorporated enhanced building services including a fitness center and grab-and-go café. Situated on five acres, the granite-clad building offers underground parking in addition to surface lots. It is strategically located near the junction of I-80 and I-287, just minutes from the Sheraton Tara and Hyatt House hotels.
“We created a workplace environment that provides a lifestyle and location to help organizations compete for talent,” Cohen noted. “Mane USA’s investment in 339 Jefferson, and the additional tenants that have leased there since the rebranding, speak to our success in doing just that. We look forward to continuing our involvement as property manager for the new ownership.”
Prism maintains a long-time presence in the local market; 339 Jefferson sits adjacent to the company’s 399 Jefferson Road, which is fully occupied by Zimmer-Biometand Pinnacle Foods. The Bloomfield-based organization creates value through select real estate investments and developments. Geographically focused in the tri-state region of New York, New Jersey and Connecticut, Prism specializes in identifying, acquiring and creating value-added opportunities in the office, retail, industrial and residential sectors.Related Articles: