399 Jefferson Road
Parsippany, New Jersey
Acquired in late 2013 via the recapitalization of an existing venture between a (finite life) institutional commingled fund and local operating partner Prism Capital, this Class A office building is the result of an award-winning industrial-to-office conversion by Prism.
Occupied by Pinnacle Foods (NYSE:PF) as their global headquarters, and the regional headquarters of Biomet, Inc. (merger pending with Zimmer Holdings, Inc., NYSE: ZMH), 399 Jefferson Road offers best-in-class office space leased long term to two growth-oriented tenants positioned for possible expansion and / or credit rating improvement as a result of organic growth, and merger interest.
Owned in partnership with a Kuwaiti investment fund, 399 Jefferson Road offered the investment benefits of proximity to New York City and long-term cash flow stability without the attendant typical pricing premium.
