Press Releases
current | archive
Prism Capital Partners Reintroducing 339 Jefferson Road as Multi-Tenant Office Property
Renovations, New Amenities Respond to Changing Tenant Requirements

PARSIPPANY, N.J., May 12, 2015 – With a major capital improvement project nearing completion and new leasing representation, Prism Capital Partners' 339 Jefferson Road in Parsippany is being reintroduced to the market as a multi-tenant office building. The former corporate headquarters property features a redeveloped entrance and lobby, updated common areas, and enhanced building services.

The project included a complete overhaul of the building's soaring, three-story atrium lobby and upgraded finishes throughout the 102,000-square-foot asset. "At its core, this project has focused on branding 339 Jefferson Road as a modern, amenity-rich Class A environment," noted Edwin Cohen, a principal partner with Prism Capital Partners.

According to Cohen, the repositioning responds to changing tenant requirements within the Northern New Jersey office market – and beyond. "Companies today are focused on operating efficiently in settings that help them attract and retain employees," he noted. "With the drive to do more in less space, fewer businesses are leasing large blocks. As such, a growing number of properties that were built for single occupancy are being repurposed to accommodate multiple tenants with smaller requirements.

"These projects also provide the chance to create the kind of workplace environments that help organizations compete for talent," Cohen continued. "To that end, we have incorporated lifestyle-focused amenities including a fitness center and grab-and-go café at 339 Jefferson Road."

Commensurate with the reintroduction of 339 Jefferson Road, Prism Capital Partners recently retained Dave Simson and Jamie Drummond of Newmark Grubb Knight Frank as the property's exclusive leasing agent. "Already, we are seeing strong leasing interest," Simson said. "We are focused on marketing full-floor opportunities of approximately 37,000 square feet each."

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.

Based in Bloomfield, New Jersey, Prism acquired 339 Jefferson Road in 2013 in a joint venture with The Davis Companies. Formerly known as Kingsbridge Corporate Center IV, the property sits adjacent to the Prism-owned 399 Jefferson Road. That building is fully occupied by Biomet Technologies and Pinnacle Foods.

Media Contact: Evelyn Weiss Francisco / (201) 796-7788 / evelyn@caryl.com