Cushman & Wakefield Inks Sale of Morris County, N.J., Office Landmark

Top Quote P3 Properties Acquires Morris Corporate Center III in Parsippany. End Quote
  • Middlesex-Somerset-Hunterdon, NJ (1888PressRelease) December 21, 2017 - Facilitating the trade of a Morris County landmark office property, commercial real estate services firm Cushman & Wakefield has arranged the sale and purchase financing for MCCIII in Parsippany. P3 Properties this month acquired the 541,466-square-foot, Class A asset from institutional investors advised by J.P. Morgan Asset Management.

    The MCCIII complex includes four interconnected, Class A buildings on a 27-acre, amenity-rich campus at 400 Interpace Parkway. The park is 62 percent leased to four occupants with an average remaining lease term of more than six years, including global credit tenants TEVA Pharmaceuticals and Ogilvy CommonHealth Worldwide.

    “With this purchase, P3 Properties added to its portfolio a best-in-market, headquarters-quality office park with in-place, financeable cash flow and substantial upside,” noted Gary Gabriel of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, who headed the assignment with Andrew Merin, David Bernhaut, Kevin Donner, Brian Whitmer and Andrew MacDonald. Cushman & Wakefield’s Equity Debt and Structured Finance Group, led by John Alascio and Sridhar Vankayala, arranged $58.8 million in purchase financing, including approximately $15 million of future funding earmarked for property upgrades.

    The MCCIII purchase is the fifth transaction Cushman & Wakefield has completed on behalf of P3 Properties. “Working with P3 Properties is a pleasure,” Bernhaut said. “CEO and Founder Harvey Rosenblatt has a reputation as a creative dealmaker who keeps his word and brings tremendous energy to reaching agreement on terms. Those qualities were instrumental in making the acquisition of MCCIII go smoothly.”

    Throughout its history, Morris Corporate Center III has benefited from the involvement of institutional owners, also including Equitable/Lend Lease, Prudential and TIAA. Bloomfield, NJ based P3 Properties, which focuses on value-driven acquisitions and property operation.

    “We seek real estate opportunities where we can add value, and MCCIII presents an exciting repositioning play,” said Harvey Rosenblatt, P3 Properties CEO and founder. “We immediately will focus on leveraging the attractive acquisition cost basis to launch a significant capital plan and robust leasing program.”

    MCCIII is ideally located at the intersection of interstates 80 and 287, and routes 46 and 202, providing convenient local and regional access. Retail and hotel amenities and a wide range of executive and workforce housing alternatives surround the property.

    “In today’s improving suburban office market, as the aging millennial workforce increases its migration to the suburbs to raise families, it is apparent that corporate users are increasingly focused on providing a superior work environment that will enable them to attract and maintain talent,” Bernhaut noted. “The size, amenities and location of Morris Corporate Center III positions P3 Properties to capitalize on this trend by creating and offering a product that meets and exceeds that requisite.”

    About Cushman & Wakefield
    Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit or follow ( @ ) CushWake on Twitter dot

    About J.P. Morgan Global Alternatives
    J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $125 billion in assets under management and over 800 professionals (as of September 30, 2017), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information:

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