Park View Partners, a subsidiary of Paragano Real Estate Management, has closed on the purchase of 55 South Park Place on the Green in Morristown, NJ for an undisclosed price. The 22,000 sqf office building also known as the New Jersey Monthly Building, is within walking distance of the Morristown Train Station. The buyer is planning to redevelop the building for New Jersey Monthly Magazine, which will lease back 9,300 square feet of office space on a long term basis. Cushman & Wakefield orchestrated the sale and partial lease back. “This prominent building was originally home to the Daily Record newspaper and has been New Jersey Monthly Magazine’s base of operations for the past 25 years,” said C&W’s Managing Director Frank Truesdell, who represented the owners, trading as DBR One LLC, in the sale. “Given the recent appreciation in the Morristown market, the time was right for the owners to bring the property to market and still maintain their offices in Morristown.“
