MCC BLUE at 400 Interpace Parkway in Parsippany — Courtesy: CBRE
By Joshua Burd
A joint venture has sold a majority interest in a Parsippany office building, following upgrades at the property that helped lure a pharmaceutical company’s U.S. headquarters in 2018.
Brokers with CBRE advised the sellers — P3 Properties, Image Capital LLC and Lionstone Capital — in the transaction at what’s known as MCC BLUE. Located at 400 Interpace Parkway, at the nexus of interstates 80 and 287, the 541,035-square-foot complex serves as the U.S. headquarters for Teva Pharmaceuticals and is 93 percent leased thanks in part to its connectivity and immediate access to a skilled labor pool.
CBRE’s Jeff Dunne, Jeremy Neuer, Steve Bardsley, Gene Pride, David Gavin, Travis Langer and Zach McHale completed the assignment.
“P3 Properties and Lionstone Capital took a once-tired asset and completely repositioned it to meet today’s corporate occupier standards,” said Dunne, a vice chairman with CBRE. “This was the driving force behind securing Teva Pharmaceuticals on a long-term basis.”
The brokerage team noted that MCC BLUE is part of a master-planned Morris Corporate Center development. The P3-led venture purchased the former Morris Corporate Center III in late 2017 for $60 million, giving way to a rebranding and overhaul that helped raise occupancy and prompted Teva to relocate its U.S. headquarters from Eastern Pennsylvania.
“The Parsippany office market continues to evolve at a rapid pace,” said Neuer, an executive vice president with CBRE. “MCC BLUE has raised the bar significantly and created a blueprint for success that other value-add investors in the market will look to replicate.”
