JLL Seeking Buyer For High End Office Building in Morristown
A boutique office building in downtown Morristown, the home of a well-known national law firm since it was completed in early 2017, is on the market for sale.
Brokers with JLL have listed the 40,965-square-foot property, 49 Market St., noting that it was built for Fox Rothschild LLP. The practice has 6.4 years remaining on its lease term, the brokerage team said, benefiting from the district’s transit and highway access, its vibrant mix of retail and restaurant options and a growing stock of luxury apartments.
That has made Morristown increasingly attractive to major corporations while fueling demand for the town’s few upscale office buildings. To that end, Class A office rents in the submarket have risen 42 percent since 2021 to $48 per square foot, with vacancy rates below 10 percent, meaning it has largely outperformed the northern New Jersey and national markets since the pandemic.
“Morristown is one of the premier submarkets in the region with a walkable downtown that features nearly (1 million square feet) of retail in the immediate vicinity of the property,” JLL wrote in its marketing materials, later adding that 49 Market St. “offers a unique opportunity to acquire a boutique, Class A, single-tenant office building leased at below market rents to a national law firm, located in the heart of the prestigious and highly amenitized downtown Morristown.”
JLL’s Jose Cruz, Jeremy Neuer, Bradley Wachenfeld and Michael Kavaler are marketing the five-story building, with support from financing brokers Michael Klein and Jon Mikula and Tim Greiner of JLL’s leasing team. They noted blue-chip companies such as Deloitte LLP, Valley Bank, Sanofi and KPMG have moved or committed to moving to Morristown in recent years thanks to new ground-up office projects or major renovation plans for existing properties.
The Hampshire Cos. developed 49 Market St., which was designed by MHS Architecture and is steps from options such as Starbucks, Qdoba, Roots, Agricola, Salad House, Playa Bowls and many other retailers and restaurants. Employees are also within walking distance of the Morristown Green and NJ Transit rail service, while the property is a five-minute drive from Interstate 287, providing connectivity to routes 24 and 10 and Interstate 80.