44 Whippany Road in Morris Township — Courtesy: JLL
By Joshua Burd
The owner of an office building near downtown Morristown has put the property on the market, following some $18 million in upgrades to reposition and stabilize the asset.
Brokers with JLL are marketing the 231,985-square-foot building, 44 Whippany Road, touting an overhaul that has helped raise occupancy to 96 percent from 47 percent in recent months. The three-story complex is home to tenants such as Alvogen, which occupies a third of the building, along with OneBeacon Insurance, Keller Williams and Melinta Therapeutics.
Located about five minutes outside downtown Morristown, the Morris Township property is being valued at roughly $60 million.
“As the property has been completely repositioned, it offers investors a unique opportunity to acquire a differentiated, high-quality office asset in a premier market, with a strong in-place tenancy on long-term leases,” JLL wrote in its offering materials. “As employers look to gain a competitive edge in attracting young talent through their office culture and environment, 44 Whippany is positioned to excel due to the quality of the asset and its proximity to downtown Morristown’s availability of luxury housing, abundance of quality restaurants and active night life.”
Its current owner, which acquired the building in 2017, has spent roughly $18 million on capital improvements, including $7.1 million of base building improvements such as updated interior and exterior common areas and a new glass entrance canopy. The property also boasts new rooftop tenant terraces, bathroom improvements, new boilers and dramatic landscaping improvements, among others.
Other on-site features at 44 Whippany include nearly 800 parking spaces, a full-service cafeteria, a large fitness center with locker rooms and a shared 95-seat conference center. Tenants have responded to the capital investment, JLL said, as ownership inked 136,000 square feet of new leasing after completing the renovations.
The JLL marketing team includes Jose Cruz, Kevin O’Hearn, Steve Simonelli, Michael Oliver and Nicholas Stefans. Greg Nalbandian is overseeing financing, while David Stifelman is spearheading leasing.