Vertical Addition, Class A Modernization at 21 South Street Gains Full Approvals
MORRISTOWN, N.J., – With full approvals now in place, Prism Capital Partners is gearing up to launch the expansion and modernization of 21 South Street in downtown Morristown. The vertical addition of two new, 12,000-square-foot floors will yield a six-story, 70,000-square-foot Class A office building.
Located just steps from the bustling Morristown green, 21 South Street serves as home to a street-level Wells Fargo bank branch. Its tenants benefit from onsite parking and a host of neighborhood dining, retail, hospitality and cultural amenities.
“This is an excellent building in an excellent location, just steps from Morristown Green,” noted Prism’s Edwin Cohen, principal partner. “The expansion will maximize the site’s potential, and the renovation work will incorporate features like a two-level atrium lobby and high-end finishes to enhance its image.”
Prism Capital Partners, one of the most active commercial real estate owner/operators in Northern New Jersey, marked its foray into the Morristown market with the purchase of 21 South Street. “Walkable, transit-oriented downtowns will continue to dominate in the coming years, as employers seek locations that provide recruiting advantage,” Cohen said. “Based on the high level of interest we are seeing already from major office users, we anticipate 21 South Street will both contribute to and benefit from Morristown’s sustained appeal in this regard.”
Geographically focused in the New Jersey/New York/Connecticut market, Prism Capital Partners specializes in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential sectors. The firm currently owns and/or operates approximately 3 million square feet of existing space and 150 developable acres.