Marcus Partners, a real estate investment and development firm, is embarking on a new project that will transform a vacant office building in Whippany, into a state-of-the-art industrial facility. The project, located at 35 South Jefferson Road, involves the demolition of the existing 40,000-square-foot office space to develop a modern 72,000-square-foot Class A logistics warehouse.
This redevelopment continues the firm’s strategic focus on converting outdated, underutilized properties into high-demand, functional industrial and logistics centers. The new facility is set to be delivered in the third quarter of 2026, providing a much-needed supply of modern space in a market with high tenant demand.
Todd Minerley, senior vice president of investments for Marcus Partners, highlighted the firm’s approach. “Our expertise in finding these underutilized and outdated properties with exceptional regional access has continued to deliver successful projects and returns for our investors,” he said. Minerley explained that the strategy of “unlocking the value” in metro-centric sites has proven to be both sound and dynamic across various markets, including industrial and multifamily.
The project is already underway with site work beginning immediately. The new building will feature a 36-foot clear ceiling height, a crucial feature for modern warehousing and distribution operations. Its flexible design is intended to appeal to a wide range of users and can be adapted for either single or multi-tenant use. The development is specifically targeting the sub-100,000-square-foot segment, a market that has seen continued strong tenant demand.
The firm is partnering with Truist Bank as the lender for the project. Newmark’s Chris Koeck and his team brokered the transaction, while JLL’s Michael Klein and Mike Lachs assisted Marcus Partners with securing the debt placement.
This project aligns with a broader trend in Northern and Central New Jersey, where developers are converting obsolete office buildings into modern industrial space. The shift is driven by the booming e-commerce sector and the need for logistics companies to be closer to dense population centers. The strategic location of the Whippany site, with its strong regional access, makes it an ideal candidate for this type of redevelopment.
