Newmark Grubb Knight Frank (NGKF) is pleased to announce the completion of two long-term leases at 339 Jefferson Road in Parsippany, New Jersey for Ascend Laboratories and Hollister Construction Services. NGKF Senior Managing Director Jamie Drummond, Vice Chairman and COO of New Jersey David Simson and Associate Director Trevor Patterson represented the owner, 339 Jefferson Partners, LLC-a joint venture between Prism Capital Partners LLC and an affiliate of The Davis Companies-in the transaction.
Ascend Laboratories, a subsidiary of Alkem Laboratories and pharmaceutical provider of high-quality and cost-effective generics, will lease 9,000 square feet. The company is relocating from its current location in Montvale, New Jersey. Ascend was represented in this transaction by Howard Weinberg, Executive Vice President and Derek DeMartino, Vice President of JLL. Hollister Construction Services, one of the fastest-growing, full-service commercial construction firms in the New York metropolitan area, is expanding its current space by 2,951 square feet, for a total of 13,500 square feet.
“We relocated to Parsippany to be more centrally located for our business growth and discovered that 339 Jefferson Road’s modern design and new amenity package aligned perfectly with our company culture,” said James Guiliano, CFO of Ascend Laboratories. “The building ownership offered a smooth negotiation process and worked with us to secure the right space for our team.”
The 102,000-square-foot, three-story, Class A property recently underwent renovations, which include a new full-height atrium lobby that features a modern tenant lounge with banquette seating and a fireplace. Construction is also underway on new amenities, including a café and fitness center. The remaining available space in the building includes 37,564 square feet on the second floor; and 38,063 square feet on the third floor. Situated on five acres, 339 Jefferson Road occupies a strategic location near the junction of I-80 and I-287. Building and monument signage and covered/executive parking is also available.
“The layout of 339 Jefferson welcomes tenants of all types with the opportunity to build out space on each of the floors or to take opportunity of pre-built space,” said Drummond. “The recent renovations and add-ons, along with the abundance of windows and open floor plan, are attracting high-quality tenants, and we are confident that the momentum will continue.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested nearly $4 billion in gross asset value through real estate equity, debt and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States. For more information, please visit https://www.thedaviscompanies.com/.
About Prism Capital Partners
Prism Capital Partners is an experienced real estate investment company with a proven track record of creating value through select real estate investments and developments. Geographically focused in the New Jersey/New York/Connecticut market, Prism specializes in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential sectors. The company invests with institutional and private capital sources that rely on Prism’s ability to identify and realize the highest value potential in all sized real estate endeavors. To date, the 14-year-old company, with its capital partners, has invested more than $400 million in 15 projects. In 2014, NAIOP New Jersey recognized Prism’s contributions by honoring the firm with its prestigious Impact Award. For more information, please visit http://www.prismpartners.net/.