Cushman & Wakefield: Tenants Re-Commit as Renovation Nears Completion at Waterview Plaza

PARSIPPANY, N.J. - Feb. 10, 2016 - PRLog -- With a $2.6 million capital improvement program nearing completion and recent re-commitments by three tenants, Waterview Plaza in Parsippany is enjoying renewed momentum just six months after its ownership change. An affiliate of Marcus Capital Partners Fund II, L.P. purchased the 130,000-square-foot Parsippany office property in June of 2015 and subsequently appointed Cushman & Wakefield as leasing agent.

Marcus Partners immediately launched a full renovation of Waterview Plaza’s lobbies and common areas, which now feature stone floors, wood accents, decorative lighting and original artwork. The firm incorporated a new, full-height, clear glass entryway with heated sidewalks and a patio area. The patio space adjoins a newly opened, full-service Starbucks-branded café offering beverages, food and catering. Waterview Plaza overlooks the 775-acre Boonton Reservoir.

“Our client came in with a mindset to create a boutique building that stands out within the Parsippany market,” noted Cushman & Wakefield’s Bill Brown, who is heading the assignment with MariaGrace Iantosca of the commercial real estate services firm’s Morristown, N.J., office. “Marcus Partners is updating Waterview Plaza’s accommodations and amenities, and leveraging the property’s panoramic reservoir views to create a distinctive environment for current and future tenants.”

Brown credits this progress to the recent tenant renewals. Ronald Gelok and Associates expanded from 1,500 to 4,006 square feet and extended its long-term lease at the property. Larry Dickstein from Dickstein Real Estate served as tenant broker in this transaction. Additionally, Wells Fargo Home Mortgage renewed its multi-year, 3,973-square-foot lease. The company was represented by Gregg Najarian of Savills-Studley. And Morrison Mahoney renewed its multi-year lease of 2,878 square feet. It was represented by Bryn Cinque and Jim Bailey of Colliers.

“Waterview Plaza’s existing tenants are responding positively to the property’s new ownership immediately implementing the improvements they promised,” Brown said. “We also are seeing increased interest from potential new tenants. It is clear that companies in the market for space are pursuing a true boutique building that offers something unique from the norm.” The Cushman & Wakefield team currently is marketing spaces from 1,500 up to 17,000 contiguous square feet at Waterview Plaza. The property’s other key tenants include Hennion & Walsh and HQ Global Workplaces, LLC/Regus Corp.

Waterview Plaza is located on seven acres at 2001 Route 46 East in Parsippany, near the intersection of I-80 and I-287, just minutes from Routes 202, 10 and 24. Morristown and Newark Liberty airports are 15 and 35 minutes away respectively.

Marcus Partners is currently investing its $250 million Marcus Capital Partners Fund II, L.P. in select markets on the East Coast. When fully invested, the Fund will own approximately $600 million of commercial real estate.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 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 www.cushmanwakefield.com or follow @CushWake on Twitter.

About Marcus Partners

Marcus Partners is a value-oriented real estate investor, operator and redeveloper based in Boston, MA, with regional offices in Norwalk, CT and Secaucus, NJ. The firm invests in real estate and related assets through its fully discretionary $250 million Marcus Capital Partners Fund II, L.P., pursuing a mix of strategic and opportunistic investments. It currently owns/manages a diversified portfolio that includes approximately five million square feet of office, medical office, R & D, warehouse and industrial properties located along the East Coast. For more information about Marcus Partners, please visit www.marcuspartners.com.