CBRE announced May 25 that it advised P3 Properties, Image Capital LLC and Lionstone Capital on the majority interest sale of MCC Blue in Parsippany.
CBRE’s team consisting of Jeff Dunne, Jeremy Neuer, Steve Bardsley, Gene Pride, David Gavin, Travis Langer and Zach McHale are working as the advisors.
Located at 400 Interpace Parkway, the 541,035-square-foot trophy office building serves as the U.S. Headquarters for Teva Pharmaceuticals. It is part of the Morris Corporate Center, Morris County’s premier office park, which features major operations for corporate occupants such as UPS, Reckitt Benckiser, Zurich Insurance Group and Sax LLP, among others.
Teva Pharmaceuticals relocated its U.S. Headquarters to MCC Blue in 2018 from its original location in Eastern Pennsylvania.
MCC Blue is 93% leased with a strong weighted average lease term and stable cash flow stream. The property is prominently located at the intersection of Interstates 80 and 287, offering occupants superb regional connectivity and immediate access to a highly-skilled labor pool.
Dunne, vice chairman at CBRE, commented: “P3 Properties and Lionstone Capital took a once tired asset and completely repositioned it to meet today’s corporate occupier standards. This was the driving force behind securing Teva Pharmaceuticals on a long-term basis.”
“The Parsippany office market continues to evolve at a rapid pace. 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,” added Neuer, CBRE executive vice president.