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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
By: Vision Real Estate Partners
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,"
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-
Further south in Somerset County, Vision Real Estate Partners and Rubenstein Partners currently are reintroducing the 820,000-square-
About Vision Real Estate Partners (http://www.caryl.com/
About Rubenstein Partners (http://www.rubensteinpartners.com/
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Evelyn Weiss Francisco