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Cushman & Wakefield Brokers Sale of 55 South Park Place in Morristown, NJ

| June 8, 2017 | 0 Comments

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MORRISTOWN, N.J., June 9, 2017 – Cushman & Wakefield has orchestrated the sale and partial lease-back of 55 South Park Place on the Green, a 22,000-square-foot office building also known as the New Jersey Monthly Building, to Park View Partners, LLC (a subsidiary of Paragano Real Estate Management, LLC).

“This prominent building was originally home to the Daily Record newspaper and has been New Jersey Monthly Magazine’s base of operations for the past 25 years,” said Cushman & Wakefield Managing Director Frank Truesdell, who represented the owners, trading as DBR One LLC, in the sale. “Given the recent appreciation in the Morristown market, the time was right for the owners to bring the property to market and still maintain their offices in Morristown.“

The buyer is planning to redevelop the building to create first-class space for New Jersey Monthly Magazine, which is leasing back 9,300 square feet on a long-term basis. The new owners are exploring concepts to redevelop 55 South Park Place to take advantage of the on-going renaissance and revitalization of Morristown.

“The remaining 14,000 square feet is available for lease and could accommodate either first-floor retail with frontage on the Morristown Green or an office tenant on the second floor with potential to develop the loft space on the third floor, creating additional high-end office space,” Truesdell added.

Dominick Paragano, Sr., of Park View Partners added, “We are very pleased to have acquired the building at 55 South Park Place and are thrilled to have New Jersey Monthly Magazine as a long-term tenant. The building is located in the heart of Morristown with a wonderful view of the Green. Our team is excited about the redevelopment prospects for the property and look forward to getting started on the project.”

Within walking distance of the Morristown Train Station, 55 South Park Place is surrounded by an eclectic mix of retail, office and residential uses. Morristown, the cultural and legal center of Morris County, also is the county seat and the home of Morristown Medical Center. The property is the only freestanding office building on the Morristown Green.

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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. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. 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. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visitwww.cushwakecentennial.comwww.cushmanwakefield.com or follow @CushWake on Twitter.

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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