Vision Real Estate Partners Introduces the Crossings at Jefferson Park

Firm Completes Revitalization of 525,000-Sq.-Ft., Whippany, N.J., Campus. End Quote

Bergen-Passaic, NJ (1888PressRelease) July 17, 2014 - With the finishing touches of a multi-million-dollar revitalization now in place, Vision Real Estate Partners this month introduced The Crossings at Jefferson Park in Whippany. The renovated and rebranded office property at 115 South Jefferson Road offers 525,000 square feet of Class A space in three buildings.

The 65-acre Crossings campus, highlighted by rolling berms, mature trees and abundant landscaping, is easily accessible from routes 24 and 10 and I-287. The campus originally housed a highly sensitive ITT division and later was a data center for by Bear Stearns. Today it serves as home to JP Morgan Chase, Barclays Capital and Lord Abbett. A partnership of Vision Real Estate Partners and Rubenstein Partners acquired the property last year, recognizing the opportunity to tap into the existing enhanced electrical, HVAC and fiber infrastructure to create a corporate campus with solid competitive positioning.

"Heavy power and connectivity are valuable commodities for today's Class A space users - especially those who cannot risk downtime issues," said Vision Real Estate Partners' Sam Morreale, managing partner. "This is a hardened campus that remained fully operational during the last three major storms that impacted our region. Through the renovation, we have upgraded The Crossings' accommodations and amenities to provide a truly superior product with unparalleled value in the marketplace."

CREATING A LIFESTYLE-FOCUSED ENVIRONMENT
Master planned by Ka Architects, the project included demolishing a functionally obsolete, 140,000-square-foot data center building at the property's main entrance and replacing it with an extensively landscaped great lawn. Vision Real Estate Partners /Rubenstein further softened the property's former "institutional" feel by removing guard houses, redesigning the entrances and introducing a new signage program. Upgraded landscaping throughout the campus accentuate The Crossings' serene suburban environment.

As a key component of creating a campus that promotes health, wellness, and sustainability, the partnership incorporated 1.2 miles of new pedestrian and bicycle infrastructure that connects directly to Morris County Parks Commission's Patriots Path. Further encouraging the use of these alternative "roadways" for both recreation and as a commuting alternative, an onsite bike sharing station will be available for tenants beginning this summer.

Additionally, Vision Real Estate Partners /Rubenstein redeveloped the property's 150,000-square-foot 200 Building. The partnership re-skinned the structure and created a new entry, lobby, fitness center, cafeteria and common areas. The building, which Cushman & Wakefield is marketing for single-tenant occupancy, is expandable by up to 100,000 square feet, will be built to suit. With ample parking, it is well suited for a high-density operation.

The 187,000-square-foot 300 Building is primarily occupied by JP Morgan Chase and Lord Abbett. The remaining availabilities include 22,000 square feet on the second floor and 13,000 square feet of support space on its lower level. The 187,000-square-foot 400 Building is 50 percent occupied by Barclays Capital, with the first and second floors available for a total of approximately 80,000 square feet. The Vision Real Estate Partners /Rubenstein partnership has replaced roofs and updated common areas in the buildings.

"Vision Real Estate Partners has a solid track record of successful development and redevelopment projects in Morris County for such internationally recognized names as Evonik Industries, NY Life, Bayer Healthcare and BASF," noted Cushman & Wakefield's Marc Trevisan, executive vice president, who is serving as exclusive leasing agent for The Crossings with Jon Williams and Josh Cohen. "In Whippany alone, the company and its predecessor firms have completed build-to-suit projects for both Cadbury and CAE, Whippany Village and,most recently, the new North American headquarters for Bayer Healthcare. Simply put, Vision Real Estate Partners understands what today's office space users want, and the company has, once again, created an ideal environment at The Crossings."

Already, The Crossings and its ownership have been recognized by Mid-Atlantic Real Estate Journal in its recent "Best of" rankings, as number one in the"Managers, Largest Properties" category.

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