Morristown office building sold for $50M after extensive renovation

A Class A office building in Morristown has been sold for $50 million, according to real estate firm JLL Capital Markets.

An affiliate of Marcus Partners sold the 232,000-square-foot building at 44 Whippany Road to Liberty Properties LLC, JLL said in a news release.

The three-story building is located on 20 acres less than 1 mile from downtown Morristown. It recently underwent more than $18 million in renovations, JLL said, converting it into a headquarters-quality property with amenities including a conference center, Starbucks and more.

The team representing the seller included Jose Cruz and Kevin O’Hearn, senior managing directors, and Steve Simonelli and Michael Oliver, senior directors.

“We’re thrilled to have helped Marcus execute their business plan so quickly,” O’Hearn said in a prepared statement. “Having sold this to them in 2017 when it was 47% leased, and now more than doubling occupancy, also reflects the high level of leasing demand for well-located properties that have been fully repositioned.”