Newmark Capital Markets is pleased to announce that Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Chuck Kohaut of the Tri-State Capital Markets Team in conjunction with Steven Schultz, Executive Managing Director Capital Markets and David Simson, Vice Chairman & COO of Newmark’s New Jersey operations, represented Intercontinental Real Estate Corporation and Ivy Realty in the sale of Morris Corporate Center IV (MCC IV), located at 369-379 Interpace Parkway in Parsippany, New Jersey. The Team was also responsible for procuring the buyer, a joint venture between Rubenstein Partners and Vision Real Estate Partners (VREP).
MCC IV is one of Morris County’s premier office properties comprises two, five-story trophy office buildings totaling 350,917 square feet connected by a signature, four-story glass atrium lobby. The Building is further distinguished by its regional location at the four-way I-80/I-287 Interchange in Parsippany (Exit 42B), with a number of nearby mixed-use developments and new national retailers creating a dynamic amenity base that today’s tenants demand.
“The Property’s value-add investment profile was an ideal fit for Rubenstein Partners and VREP, who have successfully executed a number of prominent value-add transactions in Morris County. MCC IV’s trophy-quality market position, highlighted by its timeless architecture and highly efficient center core floorplates with horizontal and vertical leasing flexibility, were appealing to the joint venture, which is well positioned to execute an aggressive leasing campaign and create substantial long-term value,” said Welsh. “We are pleased that we were able to navigate the complexities of this transaction and maximize sale proceeds on behalf of Intercontinental and Ivy.”
“These are exciting times for the growth of our Tri-State Capital Markets Team,” Simson added. “The team has executed several assignments on behalf of prominent institutional clients in just six months since joining the firm. We are looking forward to the continued growth of the team as they further establish themselves as a market leader.”
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
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