Vision Real Estate Partners and Rubenstein Partners Ink Twin Office

On Mar 26, 2018

In separate transactions, Vision Real Estate Partners and Rubenstein Partners 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.

An extensive capital and rebranding campaign will be implemented for the twin assets. Each includes two interconnected buildings located on a total of 30 acres at the four-way I-80/I-287 interchange. The buildings are distinguished by their granite architecture, 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.

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