The interior of 399 Jefferson Road in Parsippany — Courtesy: Prism Capital Partners
By Joshua Burd
Prism Capital Partners has refinanced a 206,000-square-foot office building in Parsippany, touting the transaction as another milestone for the firm’s original investment property.
The landlord and developer announced Thursday that it has secured the new mortgage loan for the building, 399 Jefferson Road, which has served as the headquarters for several major companies in recent years. Prism, which did not disclose the value of the loan, first purchased the property in 2003 and has sold, reacquired and recapitalized since that time.
“The time was right to refinance, and we saw aggressive interest from the financial markets for this high-quality property,” said Eugene Diaz, a principal partner with Prism.
Located off interstates 80 and 287, 399 Jefferson is a single-story granite and glass office building. It currently serves as the headquarters of EBI LLC, a subsidiary of the medical device and implant manufacturer Biomet Spine & Bone Healing Technologies, which occupies 102,000 square feet.
Prism’s moves at the property have included selling it at one point after its initial acquisition, achieving what it says was a significant profit. The Bloomfield-based firm reacquired it as a vacant asset in 2010 and then sought to add value through lease-up and expansion.
The owner then recapitalized the property in 2014, bringing in an investment partner and remaining operating partner. The building also had been the headquarters for Pinnacle Foods before it was recently acquired by Conagra Brands and relocated out of state, meaning Prism now has roughly 104,000 square feet of highly improved, modern office space available