Vision Real Estate Partners/Rubenstein Partners Ink Twin Office Acquisitions in Parsippany, N.J.
Purchase and Rebranding of Former Morris Corporate Center IV Furthers Joint Venture’s Regional Commitment.
- Bergen-Passaic, NJ (1888PressRelease) March 26, 2018 - A pair of acquisitions by Vision Real Estate Partners and Rubenstein Partners continues this joint venture partnership’s commitment to the Morris County office market. In separate transactions, the firms recently purchased Phases I and II of the former Morris Corporate Center IV, amassing nearly 700,000 square feet of Class A product on Interpace Parkway in Parsippany.
Hallmark to this joint venture partnership, an extensive capital and rebranding campaign will be quickly implemented for the twin, trophy-quality assets. Each includes two interconnected buildings ideally located on a total of 30 acres at the four-way I-80/I-287 interchange. The buildings are distinguished by their timeless granite architecture, highly efficient floorplates and amenities – including recently upgraded cafes and fitness centers. The ambitious capital improvement program will increase indoor and outdoor amenity space throughout the campus, and expand parking with a town-approved parking structure.
Cushman & Wakefield and Newmark Knight Frank, respectively, arranged the Phase I and II sales to the Vision Real Estate Partners/Rubenstein Partners joint venture.
“The opportunity to purchase two of Morris County’s best office assets – which we will integrate under a single brand – was highly compelling,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “Space of this caliber and scope is fairly limited in the Morris County market. As a quality, large-block vacancy, the property offers a distinctive opportunity for headquarters and regional users.” The unified campus can accommodate requirements from 10,000 to more than 500,000 square feet.
Rubenstein Partners’ Stephen Card, principal and Mid-Atlantic regional director, cited Morris County’s continued draw for the Vision Real Estate Partners/Rubenstein partnership. “An affluent, well-educated population; ample, diversified housing options; and access to abundant retail, dining, hospitality and recreational amenities contribute to this submarket’s historic appeal to major corporate users,” he said. “Our regional, value-add investments with Vision Real Estate Partners have leveraged these advantages as a key component of our successful repositioning plays.”
This venture’s recent projects included the successful repurposing and redevelopment of a 194-acre former Alcatel-Lucent campus at 67 Whippany Road in Hanover Township. The property today houses Bayer Healthcare’s East Coast Headquarters and MetLife Investments’ Global Headquarters consisting of over 1 million square feet of development. Additionally, the partnership completed the multi-million-dollar redevelopment of The Crossings at Jefferson Park in Hanover, and subsequently sold the 65-acre, 525,000-square-foot office campus at 115 South Jefferson Road to its anchor tenant, Barclay’s Capital. The projects together represent $500 million in total investment volume and today house approximately 5,000 jobs.
Further south in Somerset County, Vision Real Estate Partners and Rubenstein Partners currently are reintroducing the 820,000-square-foot Warren Corporate Center as a multi-tenant experiential workplace. The creation of hospitality-focused environments has become a primary focus across the venture’s portfolio. The development of a 19,000-square-foot, stand-alone amenity hub at Warren Corporate Center punctuates that commitment.
About Vision Real Estate Partners (http://www.caryl.com/vision-real-estate-partners-real-estate/)
About Rubenstein Partners (http://www.rubensteinpartners.com/)
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