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
 
 
Morris Corporate Center IV
Morris Corporate Center IV
PARSIPPANY, N.J. - March 25, 2018 - PRLog -- A pair of acquisitions by Vision Real Estate Partners (http://www.visionrep.com/) and Rubenstein Partners (http://www.rubensteinpartners.com/) 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-est...)

About Rubenstein Partners (http://www.rubensteinpartners.com/)

Follow VREP on Twitter (https://twitter.com/VisionREP) and LinkedIn (https://www.linkedin.com/company/5253320/)

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Evelyn Weiss Francisco
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Tags:Vision Real Estate Partners, Morris Corporate Center IV, Commercial Real Estate
Industry:Real Estate
Location:Parsippany - New Jersey - United States
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