PINNACLE FOODS GROUP LLC EXPANDS HQ AT 399 JEFFERSON ROAD, PARSIPPANY
Property Owner Prism Capital Partners Finalizing Plan for Building Upgrades
PARSIPPANY, N.J. – September 22, 2011 – (RealEstateRama) — On the heels of its partial headquarters move-in at 399 Jefferson Road in Parsippany this summer, Pinnacle Foods Group LLC has expanded its commitment there by 11,000 square feet, announced property owner Prism Capital Partners, LLC. Pinnacle Foods Group, which produces, markets and distributes high-quality branded food products, will ultimately occupy 96,000 square feet at the 180,000-square-foot, Class A office property.
Pinnacle Foods Group is relocating to 399 Jefferson Road from Mountain Lakes in two phases, the second of which will occur this fall. The facility has been fit out to include a full commercial test kitchen. The company’s brands include popular household names including Duncan Hines® baking mixes and frostings, Log Cabin® and Mrs. Butterworth’s® syrups, Vlasic® pickles, Birds Eye® vegetables, Hungry-Man® frozen dinners and entrees, Lender’s® bagels, and Mrs. Paul’s® and Van de Kamp’s® frozen seafood, among others.
In addition to welcoming its new anchor tenant at 399 Jefferson Road, Prism Capital Partners is finalizing plans for the redevelopment of the building’s main entrance and exterior courtyard. Eugene Diaz, one of the firm’s principal partners, noted that interest in the balance of the building – approximately 84,000 square feet – remains high.
“We are in active negotiations with several potential tenants,” he said. “Pinnacle Foods Group’s lease and expansion at 399 Jefferson Road testifies to our property’s competitive position, and the company’s continued commitment to Morris County reinforces the region’s appeal as a headquarters location.”
Pinnacle Foods Group’s, long-term lease at 399 Jefferson Road came just months after Prism Capital Partners re-acquired the building, which it previously owned from 2003 to 2006. The company that bought the building in 2006 never moved in, and it returned to the market in 2010.
“When 399 Jefferson Road came online, we bought it again for the very same reasons that drew us in the first place,” noted Edwin Cohen, a principal partner of Prism Capital Partners. “This is a unique property in an A+ market, supported by excellent accessibility and a high parking ratio.”
399 Jefferson Road is located just two blocks from a four-way interchange of I-80. It offers a 7/1,000 parking ratio and expansion potential of up to 60,000 square feet. Building features include a low loss factor and ceiling heights up to 18 feet clear.
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