12B — June 9 - 22, 2017 — Central New Jersey — M id A tlantic

Real Estate Journal


N orthern N ew J ersey

arsippany, NJ — Prism Capital Part- ners has sold 339 Jef- Fragrance and flavor firm to relocate US HQ to multi-tenant office property Prism Capital Partners sells 339 Jefferson Road in Parsippany to Mane USA P

Mane USA’s 70,000 s/f space. The full-service commercial real estate owner/operator will continue as property manager for the fully occupied, 102,000 s/f property, which also serves as home to Hollister Construc- tion and Ascend Laboratories. The sale brings Prism’s in- vestment in 339 Jefferson full circle. The company purchased the asset, then known as Kings- bridge Corporate Center IV, in 2013 in a joint venture with a Boston- based investment firm. The partnership completed ex- tensive capital improvements to reintroduce the former cor- porate headquarters property to the market as a multi-tenant opportunity in 2015. The repositioning responded to changing tenant require- ments within the Northern New Jersey office market. “The drive to do more in less space has resulted in a grow- ing number of single-tenant properties being repurpos- ing to accommodate multiple users with smaller require- ments,” said Edwin Cohen, a principal partner with Prism Capital Partners. “We recog- nized the potential for this type of repositioning at 339 Jefferson, and we focused on branding the property as a modern, amenity-rich Class A environment.” The project included a com- plete overhaul of the building’s soaring, three-story atrium lobby and upgraded finishes throughout. Prism also incor- porated enhanced building services including a fitness center and grab-and-go café. Situated on five acres, the granite-clad building offers underground parking in ad- dition to surface lots. It is strategically located near the junction of I-80 and I-287. “We created a workplace environment that provides a lifestyle and location to help organizations compete for tal- ent,” Cohen said. “Mane USA’s investment in 339 Jefferson, and the additional tenants that have leased there since the rebranding, speak to our success in doing just that. We look forward to continuing our involvement as property man- ager for the new ownership.” Prismmaintains a long-time presence in the local market; 339 Jefferson sits adjacent to the company’s 399 Jefferson Road, which is fully occupied by Zimmer-Biomet and Pin- nacle Foods.

ferson Rd. in Parsippany to Mane USA. A worldwide leader in the f r a g r a n c e and f l a v o r industry, the French com- pany will re-

Edwin Cohen

locate its U.S. headquarters to the Class A office property from Wayne, N.J., as owner/occupier. Prism’s in-house construction team currently is fitting out

339 Jefferson Rd.

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