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Follow on Google News | The Crossings Sale Completes Suburban N.J. Office Campus TransformationTenant Barclays Capital Acquires 525,000-SF Asset from Vision Real Estate Partners/Rubenstein Partners JV
By: Vision Real Estate Partners In a joint venture partnership, Vision Real Estate Partners and Rubenstein Partners purchased the Crossings property, located at 115 South Jefferson Road, in 2013. The firms immediately launched a multi-million- "From the outset, we recognized the outstanding potential of this property," noted Vision Real Estate Partners' Sam Morreale, founder and managing partner. "We purchased The Crossings for a smart price and invested significant capital in creating an environment that would attract today's most discerning office space users. The fact that an existing tenant – particularly such a prominent tenant as Barclays Capital – approached us with the desire to become owner/occupier provides the greatest testament to what we have accomplished." "Within the suburban New Jersey office market, there are certain well-located properties that have great potential to be remade into second-generation Class A assets. We recognized The Crossings is a great example of a property that could be modernized through strategic investment into improvements," The Crossings offers Class A space in three buildings, all of which were renovated as part of the repositioning. Notably, this included a complete gut and rebuild of the property's 150,500-square- Vision Real Estate Partners and Rubenstein Partners also completed the multi-million- The Powerhouse is the centerpiece of the redeveloped campus and furthers The Crossings' distinctive work/play environment. It is located close to the property's bike share station and bike storage, and 1.3 miles of pedestrian and bicycle infrastructure – which connects directly to Morris County Parks Commission's Patriots Path. The 65-acre campus, highlighted by rolling berms, mature trees and abundant landscaping, originally housed a division of ITT and served as a data center for Bear Stearns. It includes enhanced electrical, HVAC and fiber infrastructure. The property is easily accessible from Routes 24 and 10 as well as I-287. JLL's Tom Walsh and Joe Garibaldi represented Vision Real Estate Partners and Rubenstein Partners in the Crossings sale. Dan Loughlan and Scott Lesh of JLL represented Barclays Capital. The Crossings is the second major suburban New Jersey office investment recently completed by Vision Real Estate Partners and Rubenstein Partners in the Whippany section of Hanover Township. The companies in late 2016 wrapped up a pioneering, five-and-a-half- Together, 67 Whippany Road and The Crossings represent $500 million in total investment volume and 1.9 Million square feet of existing and approved corporate space – a boon to the local, regional and state economies. Both projects speak to the value of productive public-private partnership in furthering New Jersey's business appeal to major corporations. The Lt. Governor, NJEDA, and the Business Action Center are praised for bringing approximately 5,000 permanent jobs to these projects. The partnership today is continuing its track record. Rubenstein Partners and Vision Real Estate Partners in 2016 acquired Warren Corporate Center in Warren, N.J. An amenity-centric repositioning similar to that taken at The Crossings is underway at the best-in-class office development. The 176-acre Warren Corporate Center campus, which contains approximately 820,000 square feet in five buildings, sits adjacent to an I-78 interchange. ### About Vision Real Estate Partners (http://www.caryl.com/ About Rubenstein Partners (http://www.rubensteinpartners.com/ End
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