re-nj.com
Original Article
Prism Capital Partners has sold a 102,000-square-foot office building in Parsippany to a global fragrance and flavor company, allowing the business to relocate its U.S. headquarters to the property.
The company, Mane USA, will occupy 70,000 square feet at 339 Jefferson Road upon relocating from Wayne, Prism announced Tuesday. Terms of the sale were not disclosed.
Prism’s in-house construction team is fitting out Mane USA’s space within the building and the commercial real estate owner and operator will continue as property manager there. Other tenants at the fully occupied building, which sits near the junction of interstates 80 and 287, include Hollister Construction Services and Ascend Laboratories.
The sale comes four years after Prism acquired the granite-clad building, formerly known as Kingsbridge Corporate Center IV, under a joint venture with a Boston-based investment firm. The partnership completed a series of capital improvements to reposition the former corporate headquarters property in 2015as a multitenant complex, including an overhaul of the three-story atrium lobby and upgraded finishes throughout.
“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,” said Edwin Cohen, a principal partner with Bloomfield-based Prism. “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.”
Prism’s upgrades also included enhanced building services, such as a fitness center and grab-and-go café, according a news release. Situated on five acres, the building offers underground parking and surface lots.
“We created a workplace environment that provides a lifestyle and location to help organizations compete for talent,” Cohen added. “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.”