399 Jefferson Road
Prism Capital Partners initially acquired 399 Jefferson Road as its first investment in 2003, recognizing the inherent value of this well-located, single-story granite and glass office building. When its single tenant announced plans to leave the property at the end of its lease, Prism sold the property, achieving a significant profit. That user never took occupancy, and in 2010, Prism re-acquired it as a vacant asset – at a highly opportunistic, discounted price.
By late 2010, Pinnacle Foods had leased 85,000 square feet for its headquarters at 399 Jefferson, and in early 2011 the firm expanded its occupancy to a total of 104,000 square feet. Its space, which Prism fit out, was named as Inc. Magazine Editor’s Pick for World’s Coolest Office.
In November 2012, EBI, LLC, a subsidiary of medical device and implant manufacturer Biomet Spine & Bone Healing Technologies, signed a 102,000-square-foot lease, bringing the existing 178,000-square-foot building to full occupancy and launching a 28,000-square-foot expansion. That transaction, in conjunction with two property dispositions involving Biomet, was recognized by NAIOP New Jersey as Creative Deal of the Year.
The recapitalization of 399 Jefferson Road in Parsippany in 2014 marked another milestone in the property’s success story. After adding tremendous value at 399 Jefferson through the lease-up and expansion, Prism took advantage of the opportunity to replace a shorter-term, opportunistic capital source with a longer-term, stabilized cashflow partner. The transaction brought in Criterion Holdings, LLC, as an investment partner for the now fully leased, 206,000-square-foot Class A office property. Prism remains operating partner for this property, a flagship in its portfolio.
In 2019, Pinnacle Foods was acquired by Conagra Brands and relocated out of state. In the Fall of 2021, Ownership successfully negotiated a new long-term lease with Remarkable Foods, to again bring the building to full occupancy and launch yet another chapter for this storied building.