Parsippany office building undergoes majority interest sale

The Parsippany office building that houses Teva Pharmaceuticals’ U.S. headquarters has a new ownership structure, according to real estate firm CBRE.

CBRE said in a news release that P3 Properties, Image Capital LLC and Lionstone Capital were involved in a majority interest sale of MCC Blue, a 541,035-square-foot trophy office building at 400 Interpace Parkway. Lionstone sold its interest to Image in the transaction, while P3 retained its ownership stake.

The team handling the deal included Jeff Dunne, Jeremy Neuer, Steve Bardsley, Gene Pride, David Gavin, Travis Langer and Zach McHale.

“P3 Properties and Lionstone Capital took a once-tired asset and completely repositioned it to meet today’s corporate occupier standards,” Dunne said in a prepared statement. “This was the driving force behind securing Teva Pharmaceuticals on a long-term basis.”

MCC Blue, which is located in Morris Corporate Center, is 93% leased.

“The Parsippany office market continues to evolve at a rapid pace,” Neuer said in a statement. “MCC Blue has raised the bar significantly and created a blueprint for success that other value-add investors in the market will look to replicate.”