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Vision Real Estate Partners Acquires Iconic Morristown, N.J., Office Property

May 01, 2017

MORRISTOWN, N.J., April 11, 2017 – With the addition of 1776 On The Green, Vision Real Estate Partners has expanded its regional commitment into the downtown Morristown office market. The full-service real estate owner/operator’s plans for the iconic, 150,000-square-foot office tower – including collaborating with the adjacent Pioneer Park improvements project – are in keeping with its signature approach to selective acquisitions and ongoing commitment to public/private partnership.

Located at 67 Park Place East, 1776 On The Green is situated on the Morristown Green at the corner of Speedwell Avenue, in the heart of New Jersey’s premier suburban live/work/play CBD. Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the recent trade from Deutsche Bank Asset Management.

“We have established a deep suburban foothold around Morristown, and becoming part of this vibrant CBD has been part of our expansion goal for some time,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “We immediately recognized 1776 On The Green as the right fit. This well-leased core asset holds historic significance and occupies a premier location on the Morristown Green. We will leverage our expertise as a proactive owner as we work to elevate the tenant experience and introduce unique amenities.”

Built in 1973 and continually updated through its history, 1776 On The Green is undergoing extensive interior upgrades and is situated on top of the structured parking garage shared with the adjacent Headquarters Plaza. Vision Real Estate Partners immediately will launch its renovation to modernize the 10-story building. Plans include lobby and common area upgrades, and the creation of a third-floor amenity lounge with a coffee bar, flat-screen televisions and café-style seating.

“We are especially pleased to be partnering with the town of Morristown and Headquarters Plaza’s ownership to revitalize Pioneer Park, a public plaza that sits between the two properties,” noted Ross Chomik, managing partner. “The resulting outdoor lounge area will extend our interior collaborative spaces at 1776 On The Green into the larger neighborhood.” The property’s tenants also enjoy access to the adjacent Hyatt Hotel and its services, and Morristown’s rich walkable amenities including restaurants, shopping and nightlife.

Vision Real Estate Partners currently is marketing availabilities ranging from 1,000 to 13,000 (full floor) square feet at 1776 On The Green.

“The investment community showed strong interest in the 1776 On The Green offering, and Vision Real Estate Partners ultimately won a great building,” noted Cushman & Wakefield’s David Bernhaut, who headed the property sale with East Rutherford, N.J.-based Metropolitan Area Capital Markets Group team members Andrew Merin, Gary Gabriel, Brian Whitmer and Nick Karali. “Morristown continues to thrive as one of New Jersey’s most desirable rail-served, urban-meets-suburban communities. Within it, 1776 On The Green is well positioned with an organization known for its contributions to the Morris County office market.”

Headquartered at its Mountain Lakes Corporate Center in Mountain Lakes, Vision Real Estate Partners owns and operates 1.6 million square feet in Morris County office assets – also including The Crossings at Jefferson Park in Whippany; a recently acquired, three-building portfolio on Eisenhower Parkway in Roseland; and Mountain Ridge in Montville. Additionally, the company has spearheaded high-profile build-to-suit projects for Bayer Healthcare, MetLife, Cadbury Schweppes, CAE Technologies and Evonik Corporation in the immediate market.

Tenant Activity Brings 33,000 SF in Leasing to 9W Office Center in Fort Lee, N.J.

Mar 10, 2017

FORT LEE, N.J., Feb. 16, 2017 – A flurry of tenant activity this fall has resulted in more than 33,000 square feet in new long-term leases, renewals and expansions at 9W Office Center in Fort Lee, announced Vision Real Estate Partners. The Mountain Lakes, N.J.-based firm provides asset management, property management and operational support for the 215,000-square-foot, Class A office asset located at 2200 Fletcher Ave.

A long-time 9W Office Center global wealth management tenant renewed its 12,830-square-foot commitment at the property; Jeff Babikian from CBRE represented the financial services giant in the transaction. Overseas Food Trading expanded its lease by 825 square feet for a new total of 9,219 square feet. Additionally, Jansy, which opened a regional office at 9W Office Center in 2015, also expanded its lease, more than doubling its presence to 7,971 square feet. The company provides product design, manufacturing and packaging solutions.

PixarBio Corporation, developer of pain treatment drug NeuroRelease™, opened a new office at 9W Office Center, leasing 4,881 square feet. Scott K. Perkins, Andrew Somple and Christopher Todd from NAI James E. Hanson represented the tenant; Christian Politan from Cushman & Wakefield assisted the Landlord on this transaction. Finally, investment firm Park Avenue Capital renewed its 3,175-square-foot lease at the property and was represented by Eric Ladden from Cornerstone.

Vision Real Estate Partners’ Tina Swierad, asset manager, spearheaded the recent activity representing 9W Office Center, which sits on five acres just north of the George Washington Bridge Entrance. “Tenants are drawn to 9W Office Center by the property’s accessibility to Manhattan,” she said. “The fact that they choose to stay and grow in place is a testament to the responsiveness of their landlord; benefits like ample parking, an onsite fitness center and cafeteria; and a neighborhood setting that offers walkable retail and dining.”

The recently renovated, seven story building currently is 95.6% percent occupied. It maintains a stable tenant roster anchored by Tranzact and Telemundo; both companies have been located there for more than a decade.

Vision Real Estate Partners was appointed to its role at 9W Office Center earlier this year, marking the firm’s expansion into Bergen County. The company’s Vision Management Platform continues to grow its presence throughout northern and central New Jersey. The division provides full property and asset management services for the firm’s owned portfolio, as well as property management, financial reporting and overall operational supervision in the areas of construction, capital expenditure and leasing for select third-party assignments. Vision Real Estate Partners currently oversees nearly 1.5 million square feet of office space on behalf of multiple clients.

The regional, full-service real estate firm also owns or is developing more than 5 million square feet of space, and holds over 100 acres of land parcels available for mixed-use and build-to-suit opportunities in the region. Vision Real Estate Partners is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets.

For any information about leasing, please contact Sean Doherty at (973) 299-4002.

Vision Real Estate Partners Acquires 610,000-SF Roseland, N.J., Office Portfolio

Feb 02, 2017

ROSELAND, N.J., Jan. 27, 2017 – Vision Real Estate Partners has expanded its northern New Jersey office footprint with the acquisition of a three-building, 610,000-square-foot portfolio on Eisenhower Parkway in Roseland. The full-service real estate owner/operator immediately will launch a multi-million-dollar rebranding and renovation to modernize and unify the assets as a 51-acre, Class A campus.

Vision Real Estate Partners acquired the buildings at 101, 103 and 105 Eisenhower Parkway from Mack-Cali Realty Corporation in a year-end trade with financing arranged by John Alascio and John Spreitzer from Cushman & Wakefield’s Equity, Debt and Structured Finance team, and advisement from Nicholas Karali of the firm’s Metropolitan Area Capital Markets Group.

Vision Real Estate Partners seeks out quality infill properties with great potential and transforming them into superior assets with new capital and operating strategies. “These buildings – two of which are LEED certified – occupy a prime location in a competition-constrained market,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “They previously have been treated as three separate entities; we recognize an excellent opportunity to rebrand them as an integrated, leading-edge campus focused on lifestyle and collaboration. The existing quality tenants and strategic location are fundamental to the ongoing success of the campus.”

The firm’s planned capital improvements include comprehensive interior and exterior upgrades, and enhanced amenities. Morreale noted that the approach will be similar to that taken at the Crossings at Jefferson Park in Whippany, N.J. Vision Real Estate Partners recently completed a multi-million-dollar rebranding/repositioning of that 525,000-square-foot campus, capped off with a new, 11,000-square-foot, stand-alone amenities center featuring enhanced gourmet food services, a multi-function lounge, conference room and a health and wellness center.

Morreale added that the stable, in-place cash flow and repositioning upside attracted his firm to the Eisenhower Parkway portfolio. The buildings are home to 57 tenants, including anchors Brach Eichler LLC; Orloff Lowenbach S. & S.; Lum, Drasco & Positan, LLC; FTI Consulting; and Marcum LLP.

“We have acquired an attractive in-place tenant mix, with many companies that have a long-standing history with the property,” Morreale noted. “We look forward to providing a progressive, quality workplace environment that enables them to attract and retain the best talent. Their response to date has been nothing but positive.” While under contract to purchase the buildings, Vision Real Estate Partners secured renewal agreements with Lum, Drasco, Positan LLC (19,379 square feet); DPC Data Inc. (5,833 square feet); and Newman, McDonough, Schofel & Giger, PC (3,990 square feet).

Vision Real Estate Partners Leases 120,000 SF and Completes Major Capex Projects during Second Half of 2016

Feb 02, 2017

MOUNTAIN LAKES, N.J., Jan. 23, 2016 – Vision Real Estate Partners capped off a busy six months in December, punctuated by 120,000 square feet in leasing and the completion of two notable capital improvement projects at its central and northern New Jersey office properties. The Mountain Lakes-based, full-service real estate firm’s regional portfolio currently includes more than 5 million square feet of owner-operated assets and development projects, and approximately 1.5 million square feet of ownership representations with strategic partners.

“Our market – and our properties – are experiencing strong momentum,” said Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “The activity spans industries and involves diverse size requirements. The one constant is that today’s tenants are looking for conveniently located, amenity-rich work environments with superior technology infrastructure and ample parking. They are seeking spaces that provide advantage when it comes to recruiting in a tightening job market. Our recent activity indicates that suburban office properties across New Jersey are successfully satisfying these evolving tenant needs and employee preferences.”

Vision Real Estate Partners’ largest lease completed since mid-year involved WithumSmith+Brown. The top-30 nationally ranked public accounting and advisory firm leased 33,340 square feet at The Crossings at Jefferson Park in Whippany, N.J. This fall, Vision Real Estate Partners and Rubenstein Partners, which jointly own the 525,000-square-foot, Class A complex, completed the multi-million-dollar adaptive reuse of a former powerhouse structure at The Crossings. The resulting, 11,000-square-foot amenities building for tenants features enhanced gourmet food services, a multi-function lounge, conference room and a health and wellness center furthers The Crossings’ distinctive work/play environment.

At 9W Office Center in Fort Lee, where Vision Real Estate Partners has been operating since early 2016, more than 38,000 square feet of tenant activity has occurred in recent months. This included leases renewal by Merrill Lynch (12,830 SF) and Park Avenue Capital (3,175 SF), expansions by Overseas Food Trading (9,219 SF) and Jansy (7,971 SF), and a new lease by PixarBio Corporation (4,881 SF). The 215,000-square-foot, Class A office asset is located at 2200 Fletcher Ave, with select prestigious availabilities.

In Mercer County, four tenant transactions totaling more than 25,500 square feet closed at Princeton South Corporate Center in Ewing. This included an expansion by ERM (12,664 SF), new leases with LendLease (5,558 SF) and Corporation Services (2,560 SF), and a renewal by Celator (4,785 SF). Vision Real Estate Partners in late 2015 joined one of its repeat capital partners to spearhead the overall operations for the 268,000-square-foot, Class A property, which fronts on I-95 at the junction of Route 31 (Exit 4). The firm’s involvement there represented its foray into the Princeton market.

In early 2016, Vision Real Estate Partners retained Princeton Pike Corporate Center in Lawrenceville. This summer and fall, the firm arranged some 22,000 square feet in tenant transactions at the eight-building, 817,000-square-foot campus. Langan, and Taft and Partners renewed their leases of 13,232 square feet and 4,789 square feet, respectively, while new tenant Asana Bio leased 4,082 square feet. At the same time, Vision Real Estate Partners oversaw the enhancement of the property’s lifestyle amenities, adding volleyball, Frisbee golf, checkers/chess, a putting green, and bocce and horseshoes courts. Princeton Pike also includes extensive pedestrian trails and onsite connectivity to the Lawrence-Hopewell Trail. A hotel is currently under development as well.

Vision Real Estate Partners is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets through its fully vertically integrated operating platform including Acquisitions, Development, Construction, Property Management, Asset management, Finance and Legal capabilities.

 

The Powerhouse Amenities Center Now Open at The Crossings at Jefferson Park

Oct 18, 2016

10,000-Sq.-Ft., Repurposed Building a Centerpiece for Whippany, N.J., Campus
powerhouse-photo-1
WHIPPANY, N.J., Oct. 18, 2016 – The multi-million-dollar adaptive reuse of a former powerhouse structure at The Crossings at Jefferson Park has introduced a stand-alone amenities center for tenants at the 525,000-square-foot, Class A office campus in Whippany. Aptly named The Powerhouse, the building opened this month, featuring enhanced gourmet food services, a multi-function lounge, conference room and a health and wellness center.

Vision Real Estate Partners and Rubenstein Partners, the property’s joint-venture ownership, retained FLIK Hospitality Group for the planning and operation of The Powerhouse. The 11,000-square-foot building operates Monday through Friday from 7 a.m. to 3 p.m. for food service and open until 8 p.m. for fitness, providing breakfast and lunch with a coffee and juice bar, gourmet food stations and daily specials. The food component includes indoor and open-air seating with a covered trellis and roll-up doors, as well as an outdoor patio. The business lounge features casual seating and WiFi. And the 2,300-square-foot health and wellness center offers state-of-the-art equipment, free weights, and locker rooms with showers.

The Powerhouse furthers The Crossings’ distinctive work/play environment. “This property emphasizes spaces and services that foster not only productive, collaborative workplaces, but also personal fulfillment,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “The Powerhouse is an exciting addition. The building is fantastic – it has become the centerpiece of this campus.”

The structure’s exterior features sleek, contemporary façade elements with stained masonry, composite panels with wood finishes, metal accents and louvered window screens. Inside, a “town hall” environment is punctuated by open ceilings with exposed ductwork and modern finishes. The Powerhouse is located close to The Crossings’ 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 amenities center is the final phase of our revitalization and rebranding of The Crossings at Jefferson Park,” Morreale noted. “This campus, highlighted by rolling berms, mature trees and abundant landscaping, has been redesigned specifically to promote health, wellness and sustainability.”

The Crossings exemplifies the second-generation potential of New Jersey’s aging office inventory, according to Morreale. The 65-acre campus, which originally housed a highly sensitive ITT division and later was a data center for Bear Stearns, includes enhanced electrical, HVAC and fiber infrastructure. Today its three office buildings serve as home to Arthur J. Gallagher, Barclays Capital, JP Morgan Chase and Lord Abbett.

Cushman & Wakefield currently is marketing 100,000 square feet in the property’s 200 Building, 25,000 square feet in the 300 Building, and two full floors totaling approximately 80,000 square feet in the 400 Building – all three structures were renovated as part of the repositioning. The Crossings at Jefferson Park is easily accessible from routes 24 and 10 and I-287.

Repositioning Nearing Completion at Mountain Ridge in Montville, NJ

Aug 01, 2016

JV Ownership Finalizing Multi-Tenant Renovation at Former Bayer Office Campus
Montville Photo
Vision Real Estate Partners and Real Capital Solutions are wrapping up the multi-tenant repositioning of Mountain Ridge on Changebridge Road in Montville. The project involves a major speculative renovation of one of the twin, 105,000-square-foot, Class A office buildings on the former Bayer Pharmaceuticals campus.

The joint venture ownership has replaced the front of the travertine marble structure with a glass curtain wall system. The design extends the third-story forward, creating distinctive exterior angles. Metal cladding and architectural elements carry through to the back of the building, where a new awning has been installed.

Inside, a two-story atrium lobby features stone, millwork, upgraded lighting and lounge seating with a coffee bar. Vision Real Estate Partners and Real Capital Solutions are creating a town hall-style conference area in the extended third-floor space, and refinishing elevators, bathrooms and other common areas throughout the building. Mountain Ridge at Montville features flexible, 25,000-square-foot floor plates – including three stories and a lower level – with a 5/1,000 parking ratio.

Mountain Ridge sits on a gated, 27-acre hilltop site fronting on I-80 at exit 48. It is located just two blocks from Route 46 at Hook Mountain Road, 1.5 miles from I-280 and three miles from I-287.

Cushman & Wakefield’s Curtis Foster and Jerry Shifrin are marketing Mountain Ridge. “This property offers unparalleled access and prominent identity,” Foster noted. “We are seeing strong interest from mid-size, headquarters-type users as well as smaller requirements. The beauty of Mountain Ridge is that it offers the flexibility to accommodate all types of tenants seeking modern space.”

Vision Real Estate Partners and Real Capital Solutions both have track records of successfully repurposing older buildings as modern workplaces. “At Mountain Ridge, we have taken what was already an institutional-quality office building and infused elements to bring it to today’s workplace standards for efficiency, lifestyle and aesthetics,” noted Sam Morreale, founder and managing partner of Vision Real Estate Partners. “Ultimately, this campus will provide a setting that helps tenants recruit and maintain talent, and promotes productivity and success.”

The second building at Mountain Ridge is available for custom build-out. The ownership also is considering alternate uses for a portion of the campus.

New Jersey Commercial Real Estate Leaders Provide Insights into Current and Future State of Office Market

Jul 06, 2016

Trends that Drive Tenancy include Millennial Employees, Technology, Repurposing of Suburban Office ParksCWNJ 4 Headshots

N.J., July 7, 2016 – What are tenants seeking in office space today? How are capital markets and investment strategies changing? And what is the value of tenant improvements in leasing? These and other questions about development, leasing and investment trends were among the topics discussed at the spring Mid-Atlantic Real Estate Journal Conference this year.

Following are highlights of the discussion from panelists Robert Rudin, vice chairman, Cushman & Wakefield in East Rutherford; Sam Morreale, managing partner, Vision Real Estate Partners in Mountain Lakes; and Edwin Cohen, principal partner of Prism Capital Partners in Bloomfield, who offered insight while Michael McGuinness, CEO of NAIOP-NJ in New Brunswick, provided opening remarks.

Q: How do you see the current state of New Jersey’s commercial real estate market and economy?

MCGUINNESS: The New Jersey industrial and office sectors are booming, with rents up about 3 percent over last year, especially in Class A space. There has also been $13.4 billion in new private and public investment in commercial real estate, which is encouraging. However, we also see company size is shrinking overall, with more mobile workers connected to the office via the internet and mobile apps. This in turn is driving the need for better use of fixed assets by commercial real estate developers.

Synergy between developers and municipalities is becoming more important as well. Many towns are welcoming re-development of older, outdated office parks that attracts today’s employers and young professionals, with amenity-rich work environments shaping demand. Municipalities are well served to partner with developers who know the trends that attract jobs and employees. An increased demand for mixed-use projects are part of that trend, as are co-working spaces and turnkey models.

Q: What are the key trends or issues today in the office space market?

MCGUINNESS: There are several, starting with the millennial workforce. Human resources is the number one driver in development, specifically related to this population. Millennial workers’ influence has developers and landlords working to attract them with an amenity-rich environment. Those amenities are also expanding in scope to meet the expectations of this demographic.

Another factor at play is technology-driven improvements that appeal to lenders and tenants, such as high-speed fiber optic installations, multiple telecom carriers, augmented and virtual reality applications, and WiFi. In addition, we’re seeing environmental and energy upgrades growing in importance such as improvements to achieve LEED certification, electric car outlets, energy efficiency measures (LED lighting, upgraded mechanicals, and solar panels).

Q: We hear a lot about New Jersey’s “grey” market, the vintage office stock. What does the future hold for these properties, which currently number 50 million square feet?

RUDIN: We are in the process of seeing the demolition of millions of square feet of obsolete inventory. Before the market returns to a balance between supply and demand as much as 20 million square feet of obsolete inventory will need to be removed or repurposed. Numerous examples exist. One recent example is the 10 Sylvan Way redevelopment where the building was stripped to the steel.

MORREALE: Discerning companies are looking for quality work space to accommodate millennials and with so much grey stock, smart developers must seek ways to improve properties with renovations that speak to the younger workers’ expectations. These include making spaces brighter and lighter, designing collaborative environments, building near transit hubs, or creating mixed-use developments; other stock may need to come down.

These improvements deliver higher quality at a higher price point but also bolster the property’s value statement.

In terms of value that renovations bring, while there is a now a strong top end for those higher rents, there is still a large pool of price-conscious tenants at the bottom to be aware of. Therefore, developers must find ways to strike a balance and elevate the middle. It’s a question of moderation.

Q: An issue that came up at the summit was one of densifying work space. Can you speak to that?

RUDIN: Corporations are risk averse and are looking to do more with less. They are not taking space for future growth. Rather, they are seeking ways to manage their existing cost structure, and are looking at cost-per-employee; therefore, they are redesigning spaces to accommodate more workers within the same square footage. Parking lots are being enhanced to go along with this trend as well as on-site amenities and mechanicals.

MORREALE: Tenants are looking at how they can pay less and yes, cost-per-employee is an accurate metric. That said, human resources is the number one driver behind improvements, not real estate. Tenants want build outs with better kitchens, fitness centers, those amenities employees are looking for.

Q: Where do you see the future of office development?

COHEN: The real estate industry lacks the agility to react quickly to societal changes. However, by providing what tenants want and making the upgrades that suit their needs, developers can lower attrition. Owners must invest back into the property and go to market with a viable product and plan that provides choices for today’s employers and employees.

One big way to do that is through mixed use re-development of aging office parks. By integrating hospitality, entertainment, health care, and retail into suburban office parks, developers provide a richer experience. Live/work/play for suburban office parks is here for the foreseeable future, as is demand for new technologies. Owners must redevelop their assets to meet these demands in today’s commercial market.”

It’s also important for owners to prepare the ground for what comes next as the current workforce ages and technology evolves. Technology is now critical when making deals with tenants, and building owners must invest in infrastructure to compete.

Cushman & Wakefield Named Leasing Agent for Warren Corporate Center

May 25, 2016

Under New Ownership, Somerset County, N.J., Property Poised for Transition to Multi-Tenant Campus

WARREN, N.J., May 25, 2016 – Commercial real estate services firm Cushman & Wakefield has been named exclusive leasing agent for Warren Corporate Center in Warren. The appointment closely follows the joint-venture acquisition of the 820,000-square-foot, Somerset County office campus by Vision Real Estate Partners and Rubenstein Partners.

Cushman & Wakefield’s Robert Donnelly, Robert Donnelly, Jr. and Christine Eberle, based in Morristown, N.J., are heading the assignment.

Located just off a full interchange of I-78 in Somerset County, Warren Corporate Center includes five, four-story Class A office buildings on 176 acres. The property was originally developed in 1996 as the headquarters of Lucent Technologies. In 2004, Citibank leased the entire campus and the company continues to lease four full buildings there today.

“One building at Warren Corporate Center is currently available, providing the opportunity for the new ownership to transition this headquarters-caliber property into a distinctive multi-tenant campus,” Donnelly Sr. noted. “Vision Real Estate Partners and Rubenstein Partners have established an outstanding track record of acquiring assets and positioning them as superior leasing opportunities for New Jersey tenants. Warren Corporate Center is well positioned to thrive under their entrepreneurial approach and institutional pedigree.”

Warren Corporate Center benefits from fully redundant power systems and supplemental cooling; an expansive on-site amenity base including three full service cafeterias, three fitness centers, and 4/1,000 square-foot parking – 90 percent of which is provided in adjacent structured parking. The campus is located directly off I-78 (Exit 36) and within close proximity of Interstate 287, Route 24, Routes 202/206, and Route 22.

“We were attracted by Warren Corporate Center’s excellent accessibility within a strong Northern New Jersey submarket that has seen notable recent leasing success,” said Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “This region offers the best of suburban New Jersey – a highly educated workforce and desirable residential communities, large public recreational areas, and retail amenities.”

Media Contact:

Evelyn Weiss Francisco
Vice President
Caryl Communications
201-796-7788
evelyn@caryl.com

Bayer Healthcare Acquires More Acreage at 67 Whippany Road, Hanover, N.J.

May 09, 2016

Sale Marks Another Milestone for Vision Real Estate Partners/Rubenstein Partners Campus

HANOVER, N.J., May 9, 2016 – Vision Real Estate Partners and Rubenstein Partners have sold 86 acres of undeveloped land in Hanover to Bayer Healthcare. The parcel sits adjacent to the pharmaceutical giant’s East Coast Headquarters at 67 Whippany Road.

Vision Real Estate Partners and Rubenstein Partners purchased 67 Whippany Road, a 194-acre former Alcatel-Lucent Campus, in 2010. The partnership developed the 675,000-square-foot, LEED-certified Bayer Healthcare facility following Bayer’s purchase of 94 acres there in 2012. Cushman & Wakefield’s Robert Donnelly Sr., Rob Donnelly and Marc Rosenberg served as landlord brokers in that initial trade; Donnelly Sr. and Donnelly headed the latest transaction as well.

“The land sale to Bayer solidifies this blue chip tenant’s commitment to New Jersey and marks yet another milestone for 67 Whippany Road, which is one of the last large-scale master-planned redevelopments in Northern New Jersey,” said Sam Morreale, founder and managing partner of Vision Real Estate Partners. “Our goal from the outset was to redevelop the site into a modern campus reflecting its highest and best use. We ultimately have created a benchmark in the drive to improve underutilized, infill office real estate to institutional grade.”

Currently, Vision Real Estate Partners and Rubenstein Partners are developing MetLife Investments’ global headquarters on the 14-acre balance of 67 Whippany Road. The same Cushman & Wakefield team brokered that 185,000-square-foot, build-to-suit lease in 2015, with another group at the commercial real estate services firm – headed by Bruce Mosler, Ethan Silverstein, David Susoreny, Andrew Merin, Bill Brown and Peyton Horn – representing the tenant. The project, which will be delivered in July, has been designed to LEED Gold Core and Shell, and LEED Platinum Interiors.

With nearly 1.1 million square feet in approved corporate space for Bayer Healthcare and MetLife Investments, Vision Real Estate Partners and Rubenstein Partners have effectively replaced the 1.4 million square feet of obsolete Alcatel-Lucent offices existing when the partnership acquired 67 Whippany Road. The companies’ achievements and the campus have been recognized with awards from NAIOP New Jersey, NJBIA, the Morris County Economic Development Corporation, United Way of Northern New Jersey and the U.S. Green Building Council New Jersey.

David Iacobucci Joins Vision Real Estate Partners as Senior Vice President

Apr 13, 2016

25-Year Industry Veteran Focused on Sourcing New Investment Opportunities
Iacobucci
MOUNTAIN LAKES, N.J., April 13, 2016 – David J. Iacobucci has joined Vision Real Estate Partners in Mountain Lakes as senior vice president. A 25-year commercial real estate industry veteran, he is providing leadership to source new investment opportunities for the full-service real estate owner/operator; identify equity and debt; and oversee permitting, approvals and development of properties in the company’s existing project pipeline.

Vision Real Estate Partners, which specializes in value creation through development, property management, asset management and construction, currently is developing or redeveloping more than 2 million square feet of space in the New Jersey regional market. The company also has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities.

“David brings an established, successful track record of identifying and realizing value in a wide range of commercial real estate projects,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “His well-rounded experience working in both institutional and entrepreneurial environments makes him a strong asset for our company at a time of significant growth.

Iacobucci through his career has taken on progressive responsibility for creating value through acquisitions, development, construction, leasing and dispositions of industrial, flex, and office properties. Most recently, he was managing director at a regional industrial development firm. Among his achievement there, he sourced and acquired a 437,000-square-foot warehouse, which was subsequently leased to a leading national e-commerce retailer within six weeks of closing on the property. He has held management roles with another full-service real estate firm, an institutional real estate investment banking firm and two major regional banks.

“I look forward to helping the team find and leverage opportunities that fit the company’s expansion strategy and core competencies,” said Iacobucci.

Vision Real Estate Partners is well known for identifying properties with great potential and transforming them into superior assets by working collaboratively with public and private stakeholders in the development process. The firm has established a scalable management, investment and development platform and is aggressively growing its portfolio – yet in a thoughtful manner.

David is a graduate of Tufts University, a licensed real estate salesperson and a member of NAIOP New Jersey.

Rubenstein Partners And Vision Real Estate Partners Acquire Warren Corporate Center For $136 Million In Deal Arranged By CBRE

Mar 29, 2016

Rubenstein Partners And Vision Real Estate Partners Acquire Warren Corporate Center For $136 Million In Deal Arranged By CBRE

WARREN, N.J., March 29, 2016 – Rubenstein Partners and Vision Real Estate Partners have acquired Warren Corporate Center in Warren, NJ, for $136 million in a transaction arranged by CBRE Group, Inc. Warren Corporate Center is considered a best-in-class quality office development containing approximately 820,000 square feet across five, four-story buildings situated on a 176-acre site off of a full interchange on I-78.

The property was originally developed in 1996 as the headquarters of Lucent Technologies. In 2004, Citibank leased the property and substantially improved its infrastructure with fully redundant power systems and supplemental cooling, and also enhanced the property’s amenities. The area surrounding Warren Corporate Center offers a highly educated workforce and desirable residential communities, as well as large public recreational areas and top private and public schools.

“We focus on value-added investments in the office sector, and we believe that, together with our partner Vision Real Estate Partners, we can significantly improve the appeal of Warren Corporate Center while increasing and diversifying its occupancy,” said Stephen Card, Principal and the Regional Director of Mid-Atlantic for Rubenstein Partners.

“Warren Corporate Center is a distinctive property within the local market, and we believe it offers significant upside potential,” noted Vision Real Estate Partners’ Sam Morreale, Founder and Managing Partner. “This is what we do best. The Vision/Rubenstein partnership has a strong track record of transforming suburban properties into superior assets, applying our entrepreneurial approach and institutional pedigree to provide highly desirable real estate for tenants and providing high-quality ratables for New Jersey municipalities.”

The property is currently 81% leased to Citibank. One of the five buildings is currently available for lease, providing the opportunity to transition from a single tenant headquarters environment towards a multi-tenant office park. Warren Corporate Center benefits from an expansive on-site amenity base including three full service cafeterias, three fitness centers, day care center, and 4/1,000 square-foot parking – 90% of which is provided in adjacent structured parking – within a natural campus setting. Located directly off I-78 (Exit 36) with proximity to I-287, Routes 202/206, and Route 22, the property has excellent accessibility within a strong Northern New Jersey submarket that has recently seen leasing success.

Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties in collaboration with Jeremy Neuer of CBRE’s East Brunswick office represented Northwestern Mutual Real Estate in the transaction. The same team procured the Rubenstein/Vision joint venture as the buyer. Jim Gunning and Donna Falzarano of CBRE’s Debt & Structured Finance Group also arranged a $123 million term loan, a portion of which is available for future capital and tenant improvements and leasing commissions, led by Bank of America Merrill Lynch as administrative agent.

Mr. Dunne commented: “The acquisition of Warren Corporate Center provides Vision and Rubenstein with a premier office asset offering the opportunity to create a multi-tenant environment and potential for further modernization to meet the demands of today’s tenants. Many businesses are seeking modern generation work environments that will attract and retain top talent.”

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About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern United States. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10,000,000 sq. ft. of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.

About Vision Real Estate Partners
Based in Mountain Lakes, N.J., Vision Real Estate Partners is a full-service real estate owner/operator, specializing in development, property management, asset management and construction. The firm is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Vision Real Estate Partners currently is developing or redeveloping more than 2 million square feet of space in its local market. The company has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities. Its Vision Management platform also currently oversees property management, financial reporting and overall operational supervision for nearly 1.5 million square feet of office space on behalf of multiple strategic partners. For information, visit www.visionrep.com.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.

Contact for Rubenstein Partners:
Great Ink Communications, Ltd.
212-741-2977
Eric Waters, Eric.Waters@greatink.com
Tom Nolan, Tom@greatink.com

Contact for Vision Real Estate Partners:
Caryl Communications
201-796-7788
Evelyn Weiss Francisco, evelyn@caryl.com

Vision Real Estate Partners Adds Two Property Assignments as Strategic Partner

Mar 22, 2016

Class A Office Assets in Lawrenceville and Fort Lee Mark Platform Growth
Vision REP Two Properties

LAWRENCEVILLE and FORT LEE, N.J., March 24, 2016 – Vision Real Estate Partners continues to grow its Vision Management portfolio with the addition of two Class A New Jersey office assets. The firm has joined one of its repeat capital partners to provide asset management, property management and operational support for Princeton Pike Corporate Center in Lawrenceville and 9W Office Center in Fort Lee.

The eight-building, 817,000-square-foot, Princeton Pike Corporate Center is more than 90 percent leased, with high-profile tenants including Sirius XM Radio, Morgan Stanley, Wells Fargo Advisors, Stark & Stark, Princeton Healthcare Services, Fox Rothschild LLP, and MetLife Solutions Group, among others.

“Princeton Pike provides a high-profile and quality tenant environment,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “We look forward to building on its success by leveraging our expertise to elevate the campus and increase occupancy, as we grow our presence in the Princeton submarket.” Vision Real Estate Partners also provides management and operational support for Princeton South Corporate Center in Ewing.

With the addition of 9W Office Center, Vision Real Estate Partners has made its entry into Bergen County. The 215,000-square-foot, seven-story Class A office building – also recently renovated – is located at 2200 Fletcher Ave. At 96 percent occupancy, the property maintains a stable tenant roster anchored by Tranzact and Telemundo; both companies have been located there for more than a decade.

“This property’s accessibility to Manhattan is unmatched,” Morreale said. “9W Office Center sits on five acres just north of the George Washington Bridge entrance. It offers ample parking, and onsite amenities like a fitness center and cafeteria. Additionally, the neighborhood offers plenty of retail and dining within walking distance. This assignment provides a great foothold for us as we continue our expansion throughout northern and central New Jersey.”

Vision Real Estate Partners’ Ross Chomik, managing partner, noted that these latest assignments illustrate the success of the company’s Vision Management platform, which was formally established over a year ago. The division provides full property and asset management services for the firm’s owned portfolio, as well as property management, financial reporting and overall operational supervision in the areas of construction, capital expenditure and leasing for select third-party assignments. Vision Real Estate Partners currently oversees nearly 1.5 million square feet of office space on behalf of multiple clients.

“We have augmented our vertically integrated capabilities to offer the highest level of in-house expertise and services, as sought today by both tenants and capital partners,” Chomik noted. “Our clients recognize the value we bring as an entrepreneurial owner that applies a deeply proprietary approach to operating properties.”

Based in Mountain Lakes, N.J., Vision Real Estate Partners is a regional, full-service real estate firm. The company also owns or is developing more than 2 million square feet of space, and holds over 100 acres of land parcels available for mixed-use and build-to-suit opportunities in the region. Vision Real Estate Partners is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets.

MCEDC Recognizes MetLife Investments Global HQ as Top 2015 Office Deal

Mar 17, 2016

MCEDC Award Bill Brown Sam Morreale 2016
PARSIPPANY, N.J., March 17, 2016 – The Morris County Economic Development Corporation (MCEDC) honored Vision Real Estate Partners, Rubenstein Partners and Cushman & Wakefield in March for their involvement in bringing MetLife Investments’ global headquarters to Hanover Township, N.J. The insurance giant’s 185,000-square-foot, build-to-suit lease was recognized as the top office transaction of 2015 during MCEDC’s 24th Annual Partners in Economic Development Awards Luncheon at the Sheraton Parsippany.

The MetLife lease, completed in April 2015, marked the latest milestone for Vision Real Estate Partners/Rubenstein Partners’ 67 Whippany Road campus – one of the last large-scale master-planned redevelopments in Northern New Jersey. Two Cushman & Wakefield teams brokered the lease on behalf of the joint venture ownership and the tenant.

The Vision/Rubenstein partnership subsequently designed, executed approvals for and broke ground on a new global headquarters for MetLife’s investments business. Located on 14 acres, the facility includes specific emphasis on sustainability. The project, which will be delivered in July, has been designed to LEED Gold Core and Shell, and LEED Platinum Interiors.

Cushman & Wakefield’s Robert Donnelly Sr., Rob Donnelly and Marc Rosenberg served as landlord brokers in the transaction. “The MetLife deal represented one of New Jersey’s largest 2015 leases and another major milestone in executing the successful plan to revitalize 67 Whippany Road,” Donnelly Sr. said. “The combined expertise, vision and cooperation of the many parties involved enabled the success of this highly significant transaction.”

The tenant brokerage team included Bill Brown, Bruce Mosler, Ethan Silverstein, David Susoreny, Andrew Merin and Peyton Horn. Brown accepted the MCEDC award on behalf of Cushman & Wakefield. “MetLife’s continued long-term commitment to New Jersey provides invaluable testament to the state’s staying power as a preferred place to do business,” he said. “This transaction – and this development – reflects the best of public/private partnership.”

The Vision/Rubenstein venture purchased the former Alcatel-Lucent campus at 67 Whippany Road in 2010, with the goal to redevelop the 194-acre site into modern product reflecting its highest and best use. In 2012, the partnership developed Bayer Healthcare’s 675,000-square-foot, LEED-certified East Coast Headquarters to anchor the property. That transaction, which involved the pharmaceutical giant purchasing nearly half the acreage in a transaction also brokered by the Donnelly team, was recognized as an MCEDC award winner in 2013.

Vision Real Estate Partners’ Sam Morreale, founder and managing partner, accepted the recent award on behalf of his firm and Rubenstein Partners. “Our goal at 67 Whippany Road was to create a benchmark in the drive to improve underutilized, infill office real estate to institutional grade,” said Vision Real Estate Partners’ Ross Chomik, managing director, who spearheaded the MetLife lease with Morreale. “This project validates the idea that if developer teams can acquire product at a basis that allows for the investment required to redevelop in a first-class manner – working alongside first-class local partners, corporate tenants, and municipalities – they can successfully create flagship assets that center on sustainability and quality of life.”

Photo Caption: (l-r) Bill Brown, Cushman and Wakefield; Brian Fox, MetLife; Sam Morreale, Vision Real Estate Partners; and Meghan Hunscher Morris County Economic Development Corporation

Photo Credit: David Kramer, Edmund Kramer Photographers

Paul Cassano Joins Vision Real Estate Partners as Controller

Jan 21, 2016

Strategic Hire Reflects Continued Expansion for Mountain Lakes, N.J., Firm

MOUNTAIN LAKES, N.J., Jan. 21, 2015 – Paul Cassano is the latest addition to the team at Vision Real Estate Partners (VREP) in Mountain Lakes. The Wood-Ridge, N.J., resident is serving as controller for the rapidly growing regional real estate investment, development and asset management company.

Cassano, a CPA licensed in New Jersey, is overseeing Vision Real Estate Partners’ accounting, financial reporting and tax functions. He has 10 years of industry involvement, most recently acting as controller for Wilson Associates, a family real estate office. While there, he was involved in the management and ultimate disposition of a 400,000-square-foot portfolio of industrial properties. His experience also included real estate accounting and auditing positions at Deloitte & Touche LLP and Wiss & Company LLP.

The strategic hire of Cassano as Vision Real Estate Partners’ first formal controller reflects the firm’s continued expansion. The company was founded by Sam Morreale, who also co-founded its predecessor firm, Vision Equities. Today Vision Real Estate Partners owns and manages more than 2 million square feet of space in the region, has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities, and maintains capital relationships with national and global institutions as well as private equity.

“This is an exciting time for our organization as we continue to ramp up our growth and the talented team to lead it,” Morreale said. “Ultimately, we are putting in place top-tier in-house expertise and services, which positions us to meet the needs and expectations of our tenants and capital partners. Paul is an excellent addition.” In 2015, Vision Real Estate Partners also added leadership positions in property management and construction, and expanded its overall team by 21 employees.

For Cassano, Vision Real Estate Partners is an ideal fit. “This is a new company – but one built on a well-established foundation,” he said. “There is a great amount of positive energy here, which presents a really incredible opportunity for growth. I look forward to being part of it.”

Cassano holds a bachelor’s degree in accounting from Montclair State University. He holds memberships in the American Institute of Certified Public Accountants and the New Jersey State Society of Certified Public Accountants.

As a classic local, hands-on owner, developer and operator, VREP is well known for its track record of identifying properties with great potential and transforming them into superior assets. The full-service firm maintains complete in-house capabilities.

MetLife Headquarters Development in Hanover Water-Tight in Time for Winter

Dec 18, 2015

Vision Real Estate Partners/Rubenstein Partners Project Ahead of Schedule

HANOVER, N.J., Dec. 18, 2015 – The new MetLife Investments Global Headquarters in Hanover is water-tight just in time for winter, with construction ahead of schedule and on budget. The 185,000-square-foot, build-to-suit facility, located at 67 Whippany Road adjacent to Bayer Healthcare’s East Coast Headquarters, is a project of Vision Real Estate Partners (VREP) and Rubenstein Partners.

According to Sam Morreale, VREP founder and managing partner, the MetLife project is crafted to meet the new generation of workforce standards. The sustainable, Class A building, designed to LEED Gold Core and Shell and LEED Platinum Interiors standards, features an open floor plan with collaborative workspaces and breakout rooms. Employees will enjoy a town hall with technologically advanced conference facilities, food court with indoor and outdoor seating, café, and fitness center. The site includes 4.5 parking spaces per 1,000 feet of rentable area.

“We have just finished the building shell, and our construction team is gearing up to launch the interior build-out,” Morreale said. “This is going to be a beautiful facility and a great example of the fully amenitized workplaces that forward-thinking corporate users are seeking as they position themselves to recruit and retain talent.” A summer 2016 delivery is anticipated for the property, which will house more than 900 MetLife employees.

Vision Real Estate Partners and Rubenstein Partners purchased 67 Whippany Road, a former Alcatel-Lucent Campus, in 2010. The MetLife building anchors the redevelopment’s 100-acre South Campus component. The 94-acre balance houses the 675,000-square-foot, LEED-certified Bayer Healthcare facility, which Vision Real Estate Partners and Rubenstein Partners built following the parcel’s sale to Bayer.

Vision Real Estate Partners Providing Management, Operational Support at Princeton South Corporate Center

Dec 14, 2015

Princeton South Corporate Center Regional Owner/Operator Seeking to Expand Foothold in Princeton Market

EWING, N.J., Dec. 14, 2015 – Vision Real Estate Partners has joined one of its repeat capital partners to provide property management and operational support for Princeton South Corporate Center in Ewing. The firm’s involvement in the 268,000-square-foot, Class A office property represents its foray into the Princeton market.

The two-building Princeton South Corporate Center campus fronts on I-95 at the junction of Route 31 (Exit 4), just 10 minutes from downtown Princeton. “This is an institutional-quality asset in a unique location,” said Vision Real Estate Partners’ Sam Morreale, founding and managing partner. “Our firm has a long-standing relationship – involving multiple assets – with the property’s ownership, operating here as Princeton Office Center, LLC. The organization acquired Princeton South Corporate Center earlier this year, and we are pleased to be involved as a strategic partner.”

Vision Real Estate Partners has established an onsite office at Princeton South Corporate Center. The firm is providing property management, financial reporting and overall operational supervision in the areas of construction, capital expenditure and leasing, working closely with a brokerage team from Mercer Oak. Already, Vision Real Estate Partners is completing a 30,000-square-foot fit-out for Philadelphia Insurance, a new tenant at Princeton South Corporate Center. The property is 85 percent leased.

Tenants at Princeton South Corporate Center benefit from onsite amenities including conference space, a café and fitness center. The property also includes a Marriott SpringHill Suites. It is surrounded by abundant retail and dining, and offers easy access to Trenton Mercer Airport and mass transit options.

Gaining a Foothold

Morreale noted that Vision Real Estate Partners is actively seeking additional involvement in the greater Princeton area. “This is a market with great potential,” he said. “Companies are drawn here by its position equidistant from both Manhattan and Philadelphia – both of which are within a one-hour drive. A deep, well-educated labor pool rounds out Princeton’s appeal. Our firm is in active acquisition mode, and we are looking at opportunities to expand our presence here.”

Based in Mountain Lakes, Vision Real Estate Partners is a regional, full-service real estate owner/operator. The company currently owns or is developing more than 2 million square feet of space, and holds over 125 acres of land parcels available for mixed-use and build-to-suit opportunities in the region. Vision Real Estate Partners is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets.

NJBIZ Names Vision Real Estate Partners’ Sam Morreale Among Real Estate Power 50

Nov 20, 2015

Honor Recognizes the Most Influential People in N.J. Commercial Real Estate

(PHOTO: Aaron Houston, NJBIZ)

(PHOTO: Aaron Houston, NJBIZ)

MOUNTAIN LAKES, N.J., Nov. 20, 2015 – Sam Morreale, founder and managing partner of Mountain Lakes-based Vision Real Estate Partners (VREP), has been named among the NJBIZ 2015 Real Estate Power 50 for the third consecutive year. The publication’s annual ranking recognizes the most influential people in the New Jersey commercial real estate industry.

Morreale launched VREP in 2014 as an offshoot of Vision Equities, LLC, which he co-founded in 2006. As a classic local hands-on owner, developer and operator, VREP is well known for its deep roots and experience in the New Jersey marketplace. In all of its ventures, VREP works to create highly desirable accommodations for tenants, sound financial investment for partners, and performing, quality ratables for host towns and municipalities.

Already, VREP has established a track record of identifying properties with great potential and transforming them into superior assets. Two of the firm’s 2015 transactional highlights illustrate this point.

In partnership with Rubenstein Partners, VREP is building MetLife Investments’ new, 185,000-square-foot global headquarters at 67 Whippany Road, a former Alcatel-Lucent campus in Whippany. The building anchors the redevelopment’s 100-acre South Campus component. The 94-acre balance houses Bayer Healthcare’s 675,000-square-foot East Coast headquarters, which VREP also developed.
At the Crossings at Jefferson Park in Whippany, another joint venture project with Rubenstein Partners, VREP secured a 51,210-square-foot commitment by Arthur J. Gallagher & Co. The transaction marked the first new lease following a multi-million-dollar revitalization and rebranding of the 525,000-square-foot, Class A property at 115 South Jefferson Road.
“As an organization, we are dedicated to providing well-located, amenity-rich workplaces that enable today’s employers to attract and retain talent,” Morreale noted. “Our recent successes show that we are meeting this objective. Being part of the NJBIZ Real Estate Power 50 truly is an honor, as it recognizes Vision Real Estate Partners among the commercial real estate industry leaders who are working to make New Jersey a great place to do business.”

Based in Mountain Lakes, Vision Real Estate Partners currently is developing more than 2 million square feet of space, and owns and manages over 125 acres of land parcels available for mixed-use and build-to-suit opportunities in the region. The company focuses on value-add, opportunistic, and select core and core-plus investment activities.

Steel Topped off at MetLife Investments Global Headquarters in Hanover, N.J.

Sep 09, 2015

Vision Real Estate Partners/Rubenstein Partners JV on Schedule on BTS
MetLife progress at 67 Whippany Rd Whippany, NJ Aug 8th 2015

HANOVER, N.J., Sept. 8, 2015 – With the steel topped off at MetLife Investments’ global headquarters in Hanover, Vision Real Estate Partners and Rubenstein Partners are on schedule for the 185,000-square-foot build-to-suit at 67 Whippany Road. The partnership broke ground in April on the sustainable, Class A office facility.

Situated on 14 acres, the new global headquarters for the investments business of MetLife, Inc., the largest U.S. life insurer, has been designed to LEED Gold Core and Shell and LEED Platinum Interiors standards. It will feature an open floor plan with collaborative workspaces and breakout rooms, a town hall with technologically advanced conference facilities, a fitness center, employee food court with indoor and outdoor seating, and café. The property will offer approximately 4.5 parking spaces per 1,000 feet of rentable area, through a combination of surface, structured and under building executive parking.

“Construction is progressing quite nicely,” noted Vision Real Estate Partners’ Ross Chomik, managing partner. “The weather has cooperated, and our team continues to move ahead on budget and on schedule.” The building, which will house more than 900 MetLife employees, will be delivered in third quarter 2016.

The MetLife building anchors 67 Whippany Road’s 100-acre South Campus component. The 94-acre balance houses Bayer Healthcare’s 675,000-square-foot East Coast headquarters. The Vision Real Estate Partners/Rubenstein Partners joint venture sold that parcel to Bayer and custom-built the pharmaceutical leader’s LEED-certified facility, which includes approved expansion for up to 200,000 square feet. Together, these projects total nearly 1.1 million square feet in approved corporate space, effectively replacing the 1.4 million square feet of obsolete Alcatel-Lucent offices existing when the partnership acquired the campus in 2010.

“Both the MetLife and Bayer facilities are crafted to meet the new generation of workforce standards,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “They reflect a commitment by major corporate employers to provide world-class, fully amenitized environments for their people. For us, working with such forward-thinking organizations in partnership with Rubenstein is extremely gratifying.”

The Vision Real Estate Partners/Rubenstein Partners joint venture continues to pursue further development of the considerable remaining acreage in the South Campus section. It intends to create a mixed-use environment, with retail, hospitality, residential and senior living uses possible to complement the corporate offices.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788

VREP Launches Mixed-Use Repositioning of 27-Acre Montville Office Campus

Aug 31, 2015

340 Changebridge Road Montville NJ

MONTVILLE, N.J., Aug. 28, 2015 – Vision Real Estate Partners has launched the mixed-use repositioning of Montville Corporate Campus, which it acquired last summer from Bayer Pharmaceuticals. VREP is renovating one of the twin, 100,000-square-foot office buildings located at the 340-342 Changebridge Road property for multi-tenant use, and working to re-zone half the 27-acre campus for residential – with high-end multifamily specialist Mill Creek already on board as developer.

VREP is replacing the front of the three-story travertine marble office building with a stone and glass curtain wall system. The design extends the third-story forward, creating distinctive exterior angles. Metal cladding and architectural elements will carry through to the back of the structure, where a new awning will be installed.

Inside, a two-story atrium lobby will feature stone, millwork, upgraded lighting, and lounge seating with a coffee bar. VREP will create a town hall-style conference area in the extended third-floor space, and refinish elevators, bathrooms and other common areas throughout the building.

“We are taking an already institutional-quality office building and bringing it up to today’s workplace standards,” noted VREP’s Sam Morreale, founder and managing partner. “Our goal is to provide a setting that helps tenants win and keep employees; promotes productivity and success; and offers the best in design, efficiency and aesthetics.” The building features flexible, 25,000-square-foot floor plates and a 5/1,000 parking ratio.

Located on a gated, hilltop site, the campus fronts on I-80 at exit 48, just two blocks from Route 46, 1.5 miles from I-280 and three miles from I-287. “We carefully considered the highest and best use for this distinctive property,” Morreale said. “The site’s outstanding accessibility provides competitive advantage from an office leasing standpoint. At the same time, it also sits in the heart of a region recognized for its quality of life, which makes it a prime candidate for a mixed-use live/work/play environment. In fact, Montville consistently ranks high in CNN Money’s annual ranking of America’s best places to live.”

A full-service real estate investment, development and asset management company, VREP has deep roots in the Morris County commercial real estate marketplace. The company is based in Mountain Lakes, at its Mountain Lakes Corporate Center. As a classic local, hands-on owner, developer and operator, VREP is well known for its track record of identifying properties with great potential and transforming them into superior assets.

The full-service firm maintains complete in-house capabilities and partners with national and global institutions, as well as private equity. VREP currently owns and manages more than 2 million square feet of space in the region, and has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities.

 

Vision Real Estate Partners Closes 315,000 Sq. Ft. of Leases

Jul 21, 2015

Activity Reflects Acceleration of Northern New Jersey Office Market

200 Jefferson Park The Crossings 115 S.Jefferson Road Whippany,
MOUNTAIN LAKES, N.J., July 21, 2015 – With 315,000 square feet in leasing during the first half of 2015, Vision Real Estate Partners is seeing strong demand within its northern New Jersey office portfolio. The activity reflects acceleration within the regional real estate market, according to Sam Morreale, founder and managing partner of the Mountain Lakes-based firm.

Vision Real Estate Partners’ year-to-date transactional highlights included a 185,000-square-foot build-to-suit lease for MetLife at 67 Whippany Road in Whippany and a 51,210-square-foot commitment by Arthur J. Gallagher & Co. at The Crossings at Jefferson Park in Whippany. Additional transactions included new leases by EuroImmue and Sloan & Company at Mountain Lakes Corporate Center in Mountain Lakes; and a new lease and renewal, respectively, by ADC Therapeutics and Fisher & Phillips at Mountain Heights Corporate Center in Berkeley Heights.

“The first six months of the year established excellent momentum,” Morreale noted. “We are seeing requirements of all sizes spanning a range of industries. Across the board, tenants are looking for well-located, amenity-rich properties that enable them to attract and retain talent. Superior technology infrastructure and ample parking also are critical for winning commitments in today’s market.”

Morreale noted that tenant fit-outs are increasingly focused on collaboration and lifestyle. “The new workforce favors open spaces with low-profile partitions, a variety of gathering areas for intimate or large-scale meetings, and onsite conveniences like cafes and fitness centers. The properties that can accommodate and deliver these requirements are positioned to capitalize on the market’s growing momentum.”

Based in Mountain Lakes, Vision Real Estate Partners is a local, full-service real estate owner/operator. The company currently is developing more than 2 million square feet of space, and owns and manages over 125 acres of land parcels available for mixed-use and build-to-suit opportunities in the region. Vision Real Estate Partners is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets.

Former Powerhouse Becomes Amenity Center at The Crossings at Jefferson Park

Jul 10, 2015

Repurposing Features Business Lounge, Café/Coffee Bar and Fitness Center 

VE_THE-CROSSINGS-BANNER-Photo

WHIPPANY, N.J., July 8, 2015 – The transformation of a former powerhouse at The Crossings at Jefferson Park into a stand-alone community amenity center is furthering the Whippany office property’s distinctive work/play environment. Vision Real Estate Partners and Rubenstein Partners, the property’s joint venture ownership, will complete the multi-million dollar renovation this summer.

The Crossings offers 525,000 square feet of Class A space in three buildings, with an emphasis on spaces and services that foster productive, collaborative workplaces as well as personal fulfillment. “The repurposed, 10,000-square-foot powerhouse will serve as the centerpiece of this campus,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “From the outside in, we are creating a visual statement and providing some terrific new amenities for our tenants and their employees.”

The Axis’ exterior will feature sleek, contemporary façade elements with stained masonry, composite panels with wood finishes, metal accents and louvered window screens. Inside, Vision Real Estate Partners and Rubenstein Partners are creating a “town hall” environment punctuated by open ceilings with exposed ductwork and modern finishes, a multi-function business lounge with moveable walls, and Wi-Fi throughout. A main entrance will lead to a café/coffee bar serving breakfast and lunch. The café will feature indoor and open-air dining with a covered trellis and roll-up doors, as well as outdoor patio seating.

A second entrance will lead to a 5,097-square-foot fitness center complete with a yoga/pilates studio, cardio center and free-weights area. The facility will include locker rooms and showers. The powerhouse is located close to The Crossings’ 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 Axis represents the final phase of Vision Real Estate Partners/Rubenstein Partners multi-million dollar revitalization and rebranding of The Crossings at Jefferson Park. The 65-acre Crossings campus, highlighted by rolling berms, mature trees and abundant landscaping, has been redesigned specifically to promote health, wellness, and sustainability.

“Our goal from the outset was to create a setting that blends tenant requirements for modern space and lifestyle amenities with the advantages of a spacious suburban setting,” Morreale noted. “The result is a truly superior product and an environment that raises the bar for quality of life at a multi-tenant property. The Crossings exemplifies the second-generation potential of New Jersey’s aging office inventory and offers unparalleled value in the marketplace.”

The Crossings at Jefferson Park is easily accessible from routes 24 and 10 and I-287. The campus, which originally housed a highly sensitive ITT division and later was a data center for Bear Stearns, includes enhanced electrical, HVAC and fiber infrastructure. Today it serves as home to Arthur J. Gallagher, Barclays Capital, JP Morgan Chase and Lord Abbett. Cushman & Wakefield currently is marketing 100,000 square feet in the property’s 200 Building, 25,000 square feet in the 300 Building, and two full floors totaling approximately 80,000 square feet in the 400 Building – all three structures were renovated as part of the repositioning.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788

Vision Real Estate Partners Announces New Leases at Mountain Lakes Corporate Center II

Jun 26, 2015

Two Transactions Total 36,300+ SF at 18-Acre Morris County Office Campus

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MOUNTAIN LAKES, N.J., June 26, 2015 – Real estate owner-operator Vision Real Estate Partners (VREP) has announced two long-term lease signings totaling more than 36,000 square feet at Mountain Lakes Corporate Center II, part of the Mountain Lakes Corporate Center in Mountain Lakes.

In the larger transaction, EUROIMMUN U.S. Inc. – a subsidiary of EUROIMMUN, one of the world’s leading manufacturers of medical laboratory diagnostics – inked a lease for 25,345 square feet of space. EUROIMMUN U.S. Inc. is relocating its corporate headquarters from Morris Plains, nearly quadrupling its space. VREP was represented by Jon Williams of Cushman & Wakefield of New Jersey. Jim Jones of Penford Group represented the tenant.

Additionally, Sloan & Company – a leader in custom corporate interiors, drywall, architectural woodworking and acoustical ceilings – has leased 11,000 square feet, relocating from West Caldwell. VREP again was represented by Williams, and Cushman & Wakefield of New Jersey’s Curtis Foster represented the tenant.

“We welcome EUROIMMUN and Sloan & Company to Mountain Lakes Corporate Center,” said Sam Morreale, VREP’s founder and managing partner. “As the commercial office market continues to rebound, we are experiencing increased leasing activity throughout our entire portfolio, and expect to have additional lease announcements soon.”

“Given EUROIMMUN’s highly specialized improvements and Sloan’s long-standing leadership in the construction industry, we are thrilled they both recognized the value of this location and entrusted our construction division to provide full-service delivery for their respective premises,” added Ross Chomik, managing partner, VREP.

Mountain Lakes Corporate Center is comprised of Mountain Lakes Corporate Center I, a 51,700-square-foot office building and Mountain Lakes Corporate Center II, a fully redeveloped 66,000-square-foot LEED Silver-certified office building. The 18-acre Class A office campus is located within Morris County’s desirable Parsippany submarket, and surrounded by abundant retail, dining and lodging options. The property also includes a five-acre “build-to-suit” opportunity of up to 65,000 square feet.

Vision Real Estate Partners, headquartered in Mountain Lakes, N.J., is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Its high-profile projects include the recently redeveloped and rebranded The Crossings at Jefferson Park office campus in Whippany and 67 Whippany Road in Whippany, where the firm developed Bayer’s new East Coast headquarters and has broken ground on the new global headquarters for MetLife Investments.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788

Vision Real Estate Partners Acquires New Jersey Retail Center

Jun 11, 2015

A&P Anchors the Well-located 107,000-Square-Foot Property

Mayhill A&P (50) -

SADDLE BROOK, N.J., June 10, 2015 – Vision Real Estate Partners has acquired 55-75 Mayhill Street, a neighborhood shopping center comprised of two buildings, totaling 119,000 square feet in Saddle Brook, announced Sam Morreale, founder and managing partner. The 12-acre site is anchored by a 62,000-square-foot A&P supermarket and is approved for an additional 12,000 square feet of retail space. Additionally, the site has 45,000 square feet of near-term availability, which can be leased as a single unit or divided into multiple units.

Buyer Vision Real Estate Partners and the seller were represented in the transaction by Jose Cruz of Holliday Fenoglio Fowler (HFF), Florham Park, N.J. HFF’s Jon Mikula worked on behalf of Vision Real Estate Partners to secure acquisition financing through Oritani Bank.

“We’re pleased to have been able to complete this transaction and add this well-located property to our portfolio,” said Morreale. “This is a core in-fill location in Bergen County’s dynamic retail market, with very strong demographics.”

Constructed between 1998 and 2000, the site also offers almost 800 parking spaces. It is situated between I-80 and the Garden State Parkway, with visibility from busy Market Street in Saddle Brook, and is less than ten miles from the George Washington Bridge. The population within a three-mile radius totals more than 252,000 with an average household income of over $75,000.

“The location and demographics speak for themselves,” said Morreale.

Vision Real Estate Partners, headquartered in Mountain Lakes, N.J., is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Its high-profile projects include the recently redeveloped and rebranded Crossings at Jefferson Park office campus in Whippany and 67 Whippany Road in Whippany, where the firm developed Bayer’s new East Coast headquarters and has broken ground on the new global headquarters for MetLife Investments.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788

Pioneering Projects: Bayer HQ Demonstrates Sustainable MXD Philosophy

May 07, 2015

Click here to view GlobeSt.’s Pioneering Projects Featuring Bayer HQ.

MetLife Moves to New HQ in NJ

Apr 22, 2015

“MetLife Moves to New HQ in NJ” featured on Commercial Property Executive, April 21, 2015: http://www.cpexecutive.com/regions/northeast/metlife-moves-to-new-hq-in-nj/1004117872.html

Construction Begins on MetLife Investments’ New Global HQ in Hanover, N.J.

Apr 21, 2015

Lease Launches South Campus Redevelopment at Vision Real Estate Partners/Rubenstein Partners’ 67 Whippany Road67 Whippany Rendering MetLife_2

HANOVER, N.J., April 21, 2015 – A joint venture of Vision Real Estate Partners and Rubenstein Partners broke ground today on a 185,000-square-foot, Class A Office facility that will be the new global headquarters for MetLife Investments, the companies announced today. The new headquarters for the investments business of MetLife, Inc., the largest U.S. life insurer, will be located on 14 acres fronting Whippany Road in Hanover, N.J. Cushman & Wakefield handled the leasing of the property.

Designed to sustainability standards for LEED Gold Core and Shell and LEED Platinum Interiors, the facility will feature an open floor plan with collaborative workspaces and breakout rooms, a town hall with technologically advanced conference facilities, a fitness center, employee food court with indoor and outdoor seating, and café. It will offer approximately 4.5 parking spaces per 1,000 feet of rentable area, through a combination of surface, structured and under building executive parking.

“Every inch of this building is being crafted to meet the new generation of workforce standards,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “MetLife Investments set out to provide a world-class, fully amenitized environment for its regional employees. The opportunity to partner with this forward-thinking corporation to create a flagship asset that centers on sustainability and quality of life is an honor for our organization in partnership with Rubenstein.”

“Our investments business has grown significantly in size, scope and scale, and this new state-of-the-art global headquarters will enable us to continue to provide all of our stakeholders with world-class products,” said Steven J. Goulart, executive vice president and Chief Investment Officer for MetLife. “We are looking forward to moving into our new offices, which will provide many amenities and a well-designed work environment for our associates.”

Goulart added: “We are excited to be working with such experienced and capable real estate development partners.”

A Cushman & Wakefield team of Bruce Mosler, chairman of Global Brokerage, Ethan Silverstein, and David Susoreny from the firm’s New York Midtown office; Bill Brown from the Morristown, NJ, office; Andrew Merin, of the firm’s Metropolitan Area Capital Markets Group located in East Rutherford, NJ, represented MetLife in the transaction.

Cushman & Wakefield’s Robert Donnelly and Robert Donnelly, Jr. head the 67 Whippany Road marketing team and represented the property ownership in the lease to MetLife.

South Campus Moves Forward

The MetLife building marks the launch of 67 Whippany Road’s 100-acre South Campus component. The 94-acre balance houses Bayer Healthcare’s new, 675,000-square-foot East Coast headquarters. In another Cushman & Wakefield-brokered transaction, the Vision Real Estate Partners/Rubenstein Partners joint venture sold that parcel to Bayer and custom-built the pharmaceutical leader’s LEED-certified facility, which includes approved expansion for up to 200,000 square feet. Together, these projects total nearly 1.1 million square feet in approved corporate space, effectively replacing the 1.4 million square feet of obsolete Alcatel-Lucent offices existing when the partnership acquired the campus in 2010.

“The MetLife lease is another major milestone in executing our plan to revitalize this property,” said Eric Schiela, managing principal and chief operating officer of Rubenstein Partners. “We have created a benchmark in the drive to improve underutilized, infill office real estate to institutional grade. It validates the idea that if you can acquire at a basis that allows for the investment required to redevelop in a first-class manner, and work alongside first-class local partners, corporate tenants, and municipalities, you can successfully update older corporate real estate in a way that appeals to modern users and benefits the community.”

The Vision Real Estate Partners/Rubenstein Partners joint venture continues to pursue further development of the considerable remaining acreage in the South Campus section. The joint venture partners intend to create a mixed-use environment, with retail, hospitality, residential and senior living uses possible to complement the corporate offices. Separately, Vision Real Estate Partners and Rubenstein Partners are completing traffic improvements on behalf of Hanover Township, including major modifications to the nearby intersection of Whippany and Parsippany Roads, to improve the existing and anticipated future flow of traffic in this area.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788

Vision Real Estate Partners Expands Management and Construction Platforms

Mar 17, 2015

Seasoned Professionals Join Firm to Head Growth of In-House Capabilities

MOUNTAIN LAKES, N.J., March 17, 2015 – Vision Real Estate Partners has announced the expansion of Vision Management and Vision RE Construction. The appointments of seasoned professionals Stephan Dicke and Matthew DiSousa to lead these in-house platforms, respectively, responds to the firm’s continued expansion and focus on growing its property management, asset management, construction and development capabilities, according to Ross Chomik, managing partner.

Based in Mountain Lakes, Vision Real Estate Partners is a local, full-service real estate owner/operator. The company currently is developing more than 2 million square feet of space, and owns and manages over 125 acres of land parcels available for mixed-use and build-to-suit opportunities in the region.

“We are augmenting our vertically integrated capabilities to offer the highest level of in-house expertise and services, as sought today by both tenants and capital partners,” Chomik noted. “Just as importantly, these platforms are being led by top industry professionals that recognize who we are and where we are going.”

Stephan Dicke is heading Vision Management with a 12-member staff that provides full property and asset management services for the Vision Real Estate Partners portfolio and select third-party assignments. Through previous positions with CBRE and Newmark Grubb Night Frank, Dicke has served household-name clients like RREEF, Principal Real Estate Investors and The Hampshire Companies.

“To come to this growing, highly entrepreneurial company and set up a brand-new division is an incredible opportunity,” Dicke said. “This is a group that is not afraid to do things differently but is savvy enough to seek a formalized division with stable policies and procedures. I look forward to drawing on my corporate background as we continue to evolve the platform.”

Vision RE Construction, offering general contracting services for projects of all sizes, has evolved from a company division to a stand-alone entity. It is being led by Matthew DiSousa, a seasoned construction management professional whose experience in general contracting began as a carpenter’s apprentice at age 16 and spans every level from foreman to project supervisor and general supervisor. Previously, he was an executive, overseeing tenant improvement and capital expenditure projects at Corporate Construction Services, a firm with nearly 1 million square feet in projects annually.  In recent years, the company handled nearly all of Vision Real Estate Partners’ tenant fit-out work.

“Bringing the full construction cycle in-house provides a greater level of control when it comes to budgeting, sourcing and managing projects,” DiSousa explained. “With the amount of activity Vision Real Estate Partners has in the pipeline, it is a great strategic move for the firm. And it provides me with the chance to gain knowledge and experience in larger-scale development and renovation work.”

Vision Real Estate Partners is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Its high-profile projects include the recently redeveloped and rebranded Crossings at Jefferson Park office campus in Whippany and 67 Whippany Road in Whippany, where the firm developed Bayer’s new East Coast headquarters.

Hudson Equities Acquires Parkway 120 from Vision Real Estate Partners

Mar 04, 2015

Vision Management to Serve as Exclusive Managing Agent for New Ownership

MATAWAN, N.J., March 4, 2015 – Hudson Equities Management Corp. has acquired Parkway 120 in Matawan from Vision Real Estate Partners. The trade coincides with Vision Real Estate Partners’ success in bringing the 211,000-square-foot, Class A asset to full occupancy; Vision Management, the firm’s in-house property management division, will continue as exclusive managing agent under the new ownership.

“Vision Real Estate Partners leveraged Parkway 120’s potential as the highest-quality office asset in the local market,” noted Hudson Equities’ Ephraim Hasenfeld, president. “This is a true world-class office building. It provides a work environment that fosters productivity, amenities that help tenants attract and retain employees, and an image that speaks to success. Moving forward, we look forward to ensuring that tenants will enjoy the same responsive service they have come to expect.”

At the time of the sale, Vision Real Estate Partners finished orchestrating an expansion for long-time Parkway 120 tenant iCIMS. The talent acquisition software firm added 23,300 square feet to its commitment and now occupies a total of 83,900 square feet. That expansion brought Parkway 120 to full occupancy.

In its new role, Vision Management is preparing to launch a full renovation of the two-story lobby at Parkway 120. The project will include updated finishes, new lighting and carpeting, and the incorporation of a seating area. A striking piece of sculptural wall art will punctuate the bright, modern atmosphere.

“We take pride in having brought Parkway 120 from nearly vacant to full occupancy during our involvement in its ownership,” said Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “This is our first partnership with Hudson Equities, and we look forward to working with Ephraim and his team to continue the property’s success and progress.”

Located at 90 Matawan Road with views of Raritan Bay, Parkway 120 sits one quarter mile from Garden State Parkway Exit 120, and serves as home to a mix of regional tenants and local entrepreneurial firms. The five-story building features underground parking, a dual-sided atrium lobby, an onsite café and sundries shop, card-access security, and the newest mechanical and technology features.

Based in Mountain Lakes, New Jersey, Vision Real Estate Partners is a full-service real estate owner/operator. As a classic local, hands-on owner specializing in development, property management, asset management and construction, the firm is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Its other high-profile projects include 67 Whippany Road in Whippany, where the firm developed Bayer’s new East Coast headquarters, and the recently redeveloped and rebranded Crossings at Jefferson Park office campus in Whippany.

Vision Real Estate Partners currently is developing more than 2 million square feet of space, and owns and manages over 125 acres of land parcels that are available for mixed-use and build-to-suit opportunities in the region.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788

Gallagher Leases 51K SF at The Crossings at Jefferson Park

Feb 27, 2015

As seen on GlobeSt., February 27, 2015:  http://www.globest.com/news/12_1055/newjersey/office/Gallagher-Leases-51K-SF-at-The-Crossings-at-Jefferson-Park-355718-1.html?CMP=OTC-RSS

 

Arthur J. Gallagher & Co. Leases 51,000 Sq. Ft. at The Crossings at Jefferson Park

Feb 26, 2015

Commitment Follows Re-Introduction of Whippany, N.J., Office Complex by Vision Real Estate Partners and Rubenstein Partners

WHIPPANY, N.J., Feb. 26, 2015 – Arthur J. Gallagher & Co. has leased 51,000 square feet at The Crossings at Jefferson Park, owned by a joint venture of Vision Real Estate Partners and Rubenstein Partners. The commercial insurance firm will relocate 300 employees to the recently redeveloped office campus in Whippany from Short Hills, New Jersey, in an expansion of its regional risk management services practice.

The long-term lease marks the first new commitment at The Crossings following its reintroduction to the market. Vision Real Estate Partners and Rubenstein recently completed a multi-million-dollar revitalization and rebranding of the 115 South Jefferson Road property, which offers 525,000 square feet of Class A space in three buildings.

Cushman & Wakefield’s Executive Vice President Marc Trevisan, Jon Williams and Josh Cohen serve as exclusive marketing agents for The Crossings at Jefferson Park. Bryn Cinque and Jim Bailey from Colliers represented Arthur J. Gallagher & Co. in negotiating its lease.

“The transaction – from the initial tour to lease execution – transpired in just three weeks,” Williams noted. “This achievement is a credit to the property’s ownership. Vision Real Estate Partners and Rubenstein Partners are able and willing to flexibly accommodate tenants’ timelines.”

Arthur J. Gallagher & Co. will occupy part of The Crossings’ 150,000-square-foot 200 Building. As part of the repositioning, the ownership re-skinned the structure’s front entrance, creating a two-story curtain wall lobby. The building, which is expandable by 100,000 square feet, includes a fitness center and cafeteria. Currently, Vision Real Estate Partners, as the property’s operating partner, is gearing up to augment these amenities by repurposing the property’s former, 10,000-square-foot power house as a central café/coffee bar and fitness center.

The 65-acre Crossings campus originally housed a highly sensitive ITT division and later was a data center for Bear Stearns. In the rebranding, the ownership leveraged the existing enhanced electrical, HVAC and fiber infrastructure while upgrading accommodations and amenities throughout the campus. Promoting health, wellness, and sustainability was a key component of the repositioning. The ownership incorporated 1.2 miles of new pedestrian and bicycle infrastructure that connects directly to Morris County Parks Commission’s Patriots Path. An onsite bike sharing station and bike storage are available for tenants.

“Our goal was to create the type of quality, amenitized work/play environment sought by today’s office space users,” noted Sam Morreale, founder and managing partner of Vision Real Estate Partners. “Securing a credit tenant like Arthur J. Gallagher & Co. shows that we have achieved our objective to offer a superior product with unparalleled value.”

Highlighted by rolling berms, mature trees and abundant landscaping, The Crossings at Jefferson Park is easily accessible from routes 24 and 10 and I-287. “The Crossings is a phenomenally well-located asset, surrounded by some of the best demographics in the United States,” said Stephen Card, Mid-Atlantic regional director for Rubenstein Partners. “Businesses that locate here have access to a tremendously talented pool of employees and appealing housing options for the workforce.”

Other tenants at The Crossings include JP Morgan Chase, Barclays Capital and Lord Abbett. Cushman & Wakefield currently is marketing the 100,000-square-foot balance of the property’s 200 Building, 25,000 square feet in the 300 Building, and two full floors totaling approximately 80,000 square feet in the 400 Building.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788

Fraser Joins Vision Real Estate Partners as Senior Associate

Jan 08, 2015

Mountain Lakes, N.J., Commercial Owner/Operator in Active Growth Mode

MOUNTAIN LAKES, N.J., Jan. 8, 2015 – Ryan Fraser has joined Vision Real Estate Partners, LLC as senior associate, acquisitions, announced Sam Morreale, the firm’s founder and managing partner. The appointment comes at a time of active growth for the Mountain Lakes-based, full-service real estate owner/operator.

A resident of Montclair, Fraser is responsible for underwriting and analytics related to Vision’s value-add and opportunistic investment activities. Previously, he served as an investment analyst with Prudential Real Estate Investors, where he underwrote and monitored ground-up development and redevelopment projects across the country. Fraser also has held positions with PENN Capital Management, and completed an investment/development internship with Grosvenor Americas. He earned a bachelor’s degree from University of Maryland College Park and an MBA in Real Estate from the University of North Carolina Chapel Hill’s Kenan-Flagler Business School.

“This position fits my career goals perfectly,” Fraser noted. “The thing that really appeals to me is the entrepreneurial approach at Vision Real Estate Partners. It has been exciting to move from such a large organization to a small firm where I get to touch so many aspects of the business and be involved in a wide variety of projects.”

As a classic local, hands-on owner specializing in development, property management, asset management and construction, Vision Real Estate Partners is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Its high-profile projects include 67 Whippany Road in Whippany, where the firm developed Bayer’s new East Coast headquarters and is now master planning that property’s 99-acre mixed-use South Campus, and the recently redeveloped and rebranded Crossings at Jefferson Park office campus in Whippany.

“We are in an aggressive growth mode, and our people need to be both accomplished in their specialty and able to navigate the other aspects of our fast-paced business,” said Morreale. “Ryan is outstanding with numbers, but he also has excellent interpersonal skills. We already have him out on the front lines, networking and meeting with clients. He is a great addition to our team.”

Vision Real Estate Partners currently is developing more than 2 million square feet of space, and owns and manages over 125 acres of land parcels that are available for mixed-use and build-to-suit opportunities in the region.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788

Vision Real Estate Partners’ Sam Morreale Named Among NJBIZ Power 50

Nov 21, 2014

Honor Recognizes the Most Influential People in N.J. Commercial Real Estate

MOUNTAIN LAKES, N.J., Nov. 20, 2014 – Sam Morreale, founder and managing partner of Mountain Lakes-based Vision Real Estate Partners (VREP), has been named among theNJBIZ Real Estate Power 50. The publication’s annual ranking recognizes the most influential people in the New Jersey commercial real estate industry.

Morreale launched VREP in 2014 as an offshoot of Vision Equities, LLC, which he co-founded in 2006. As a classic local hands-on owner, developer and operator, VREP is well known for its deep roots and experience in the New Jersey marketplace. The company focuses on value-add, opportunistic, and select core and core-plus investment activities.

“The NJBIZ Power 50 has become a much-anticipated ranking for our industry, and it is an honor to be recognized among an outstanding group of leaders who are committed to positioning New Jersey as a prime location for business,” Morreale said. “We are a collaborative community, in a region with great potential.”

In all of its ventures, VREP works to create highly desirable accommodations for tenants, sound financial investment for partners, and performing, quality ratables for host towns and municipalities. The firm already has distinguished itself by embracing the win-win nature of public/private partnerships that combine shared vision, expertise and teamwork excellence.

For example, in 2010 Vision Equities and Rubenstein Partners purchased a 194-acre former Alcatel-Lucent property at 67 Whippany Road in Whippany. The partnership master planned the property for mixed-use redevelopment, and then subdivided and sold 94 acres to Bayer Healthcare. It then designed, executed approvals and developed a 675,000-square-foot, build-to-suit East Coast headquarters for this global industry leader. That facility now is driving forward the project’s South Campus Parcel, where VREP is planning residential, retail, hospitality and, potentially, additional office components.

Additionally, again in partnership with Rubenstein, VREP recently completed a multi-million-dollar redevelopment at 115 South Jefferson Road. The renovated and rebranded Crossings at Jefferson Park office property includes 525,000 square feet of Class A space in three buildings. Its most recent acquisition involves Montville Corporate Campus, a 218,000-square-foot, Class A office property in Montville, which it purchased from Bayer Pharmaceuticals. VREP is finalizing plans to either reposition and lease the two Class A buildings located there, or redevelop the asset as a mixed-use property.

Before the inception of Vision Equities followed by VREP, Morreale spent 10 years as one of the original senior members of the Goldman Sachs Whitehall Operating Company, which owned and operated over 15 million square feet of commercial real estate in the Northeast. Before joining Goldman, he worked for two of the largest owners/developers in the New Jersey, Philadelphia and New York markets and managed their leasing and development teams.

Morreale earned a bachelor’s degree from Villanova University with additional graduate studies in finance at Seton Hall University. He currently serves on the Villanova School of Business Real Estate Advisory Council and on the Board of Trustees for Berkeley College in both New York and New Jersey. Morreale also is a Board Member of the Sussex Education Foundation (a non-profit organization providing housing for international students in Manhattan and Westchester), and holds membership in NAIOP.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788

USGBC New Jersey Chapter Honors 12th Annual Emerald Awards Recipients

Oct 24, 2014

As Seen in the Mid Atlantic Real Estate Journal, October 24 – November 13, 2014 – http://digital.turn-page.com/i/402898/30

Developers Seek to Fill N.J. Office Campuses

Oct 10, 2014

As Seen on Nasdaq/Dow Jones Business News, October 10, 2014:   http://www.nasdaq.com/article/developers-seek-to-fill-nj-office-campuses-20141010-00731

Vision Real Estate Partners Brings Bike Sharing to the Suburbs

Sep 12, 2014

B-Cycle Station Offers Hourly Rentals at the Crossings at Jefferson Park

WHIPPANY, N.J., Sept. 12, 2014 – Vision Real Estate Partners (VREP) has brought bike sharing to the suburbs at its Crossings at Jefferson Park, located in the Whippany section of Hanover Township. The company this month introduced an onsite B-cycle station, from which employees of tenants at the 525,000-square-foot office campus can rent bicycles by the hour.

VREP, in partnership with Rubenstein Partners, acquired The Crossings in 2013 and recently completed a multi-million-dollar renovation and rebranding at the 115 South Jefferson Road property. As an integral part of the project, VREP created 1.2 miles of pedestrian and bicycle infrastructure on the campus; it connects directly to Morris County Parks Commission’s Patriots’ Path. The bike share amenity and ample personal bike storage encourage the use of these alternative “roadways” for both recreation and as a commuting alternative.

“One of our main objectives was to create a work environment that promotes health, wellness, and sustainability,” noted VREP’s Sam Morreale, founder and managing partner. “As the push toward bikable and walkable communities gains momentum in New Jersey and nationwide, we are proud to set an example of how real estate developers and owners can help to encourage ‘green’ transportation and reduced strain on local roadways. While bike sharing has become popular in cities, our program is, to our knowledge, the region’s first of its kind in a suburban setting.”

Morreale added that this is especially relevant in Hanover, which last year adopted a connectivity framework plan as part of the town’s master plan. It links key locations with some new trails and segments of Patriots’ Path. Its first phase will connect several commercial properties, including The Crossings and VREP’s planned South Campus mixed-use development at 67 Whippany Road (which also will incorporate onsite bicycle and pedestrian paths), as well as the Morris County Library property and Frelinghuysen Arboretum.

The 65-acre Crossings campus, highlighted by rolling berms, mature trees and abundant landscaping, includes three Class A office buildings. Easily accessible from routes 24 and 10 and I-287, it serves as home to JP Morgan Chase, Barclays Capital and Lord Abbett. The recent renovation project served to upgrade the property’s accommodations and amenities, capitalizing on its existing enhanced electrical, HVAC and fiber infrastructure. As a highlight, VREP redeveloped the property’s 150,000-square-foot 200 Building, which is being marketed for single-tenant occupancy and is expandable by up to 100,000 square feet. The partnership re-skinned the structure and created a new entry, lobby, fitness center, cafeteria and common areas.

Cushman & Wakefield serves as exclusive leasing agent for The Crossings at Jefferson Park.

Bike Path at The Crossings

 

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788

 

Vision Real Estate Partners to Accept USGBC NJ Emerald Award

Sep 04, 2014

Green Building Advocacy Organization Honors Bayer Headquarters in Whippany

WHIPPANY, N.J., Sept. 3, 2014 – The U.S. Green Building Council New Jersey has named Bayer Healthcare’s East Coast Headquarters as co-recipient of its 2014 Suburban Green Project Award. Vision Real Estate Partners’ Sam Morreale, founder and managing partner, will accept the award at the organization’s 12th Annual Emerald Awards Gala on Friday, Nov. 7, at the Montclair State Conference Center in Montclair, New Jersey.

Located in Whippany, the Bayer Headquarters is part of one of the largest-scale, mixed-use redevelopment sites in northern New Jersey. Vision Equities (which Morreale co-founded) and Rubenstein Partners purchased the 194-acre former Alcatel-Lucent property at 67 Whippany Road in 2010, and subsequently subdivided and sold 94 acres to Bayer Healthcare in 2012. The partnership then designed, executed approvals and developed a 675,000-square-foot, LEED Gold-certified facility for this global industry leader and long-time New Jersey corporate citizen.

Bayer’s commitment to green building and sustainability along with their partnership with Vision Real Estate Partners represents best practices in the industry demonstrating the highest regard for the well being of their employees, the environment and positive economic impact,” said Florence Block, executive director, U.S. Green Building Council – NJ.

“The entire project was conceived and orchestrated with a specific emphasis on sustainability,” Morreale noted. “This honor from USGBC NJ is particularly gratifying because it comes from an organization that advocates green development in our home state of New Jersey. We are proud to be among the commercial real estate practitioners that are helping to fulfill its mission.” According to its website, the USGBC NJ organization supports the planning, design, construction, operation and maintenance of high-performance buildings and communities that are environmentally responsible, resilient, cost effective, productive, and healthy places to live, learn and work.

As part of the site preparation, the Vision/Rubenstein partnership rectified the existing environmental issues on the campus. Additionally, the partnership incorporated a number of ecologically friendly aspects into the redevelopment. This included the creation of public viewing spaces overlooking landscaped open areas, storm water retention ponds and preserved mature forests, as well as the preservation of more than 45 acres of vital wetlands.

The entire project was designed to LEED Gold standards. The design incorporated two existing structures (totaling 450,000 square feet) suitable for revitalization, reflecting a commitment to reuse. Additionally, more than 1 million square feet (or 90 percent) of existing ceiling tiles were recycled, remanufactured and utilized throughout the new building. This effort earned recognition by the Armstrong Companies as the national award winner for the “Largest Quantity of Recycled Materials,” and the “Largest Green Project in New Jersey” for reclamation and recycling in a redevelopment project.

The Bayer Headquarters project also has been recognized with high-profile honors from NAIOP New Jersey, NJBIA, the Morris County Economic Development Corporation and United Way of Northern New Jersey. Completed in 2013, it is driving forward the project’s residential, retail, hospitality and, potentially, additional office components; Vision Real Estate Partners currently is master planning the 100-acre “South Campus” parcel.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788
www.twitter.com/carylcomm

Vision Real Estate Partners Featured in The Wall Street Journal

Sep 03, 2014

Bike-Sharing Rolls Into Suburban Workplaces from The Wall Street Journal, August 29, 2014.

Vision Real Estate Partners Celebrates The Crossings

Jul 21, 2014

Open House Showcasing Redeveloped, Rebranded Campus

WHIPPANY, N.J., July 21, 2014 – A “Great Gatsby” Roaring Twenties theme set the stage for Vision Real Estate Partners’ (VREP’s) recent broker event celebrating the introduction of The Crossings at Jefferson Park. Industry professionals attended the open house, which highlighted the renovated and rebranded campus at 115 South Jefferson Road in Whippany.

Owned by a partnership of VREP and Rubenstein Partners, The Crossings at Jefferson Park features 525,000 square feet of Class A office space in three buildings – all of which have been redeveloped and updated. Onsite amenities include extensive landscaping with 1.2 miles of new walking and riding paths that connect directly to Patriots Path, an onsite bike sharing station, a fitness center, and full-service cafeteria and grab-and-go dining options. The 65-acre property also features an extensive Great Lawn park area, and is easily accessible from Routes 24 and 10, and I-287.

Attendees are pictured here in the lobby of The Crossings’ 150,000-square-foot 200 Building. The structure has been re-skinned and fit out for single-tenant occupancy with a new entry, lobby, fitness center, cafeteria and common areas.

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Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788
www.twitter.com/carylcomm

Vision Real Estate Partners Introduces the Crossings at Jefferson Park

Jul 15, 2014

Firm Completes Revitalization of 525,000-Sq.-Ft., Whippany, N.J., Campus

WHIPPANY, N.J., July 14, 2014 – With the finishing touches of a multi-million-dollar revitalization now in place, Vision Real Estate Partners this month introduced The Crossings at Jefferson Park in Whippany. The renovated and rebranded office property at 115 South Jefferson Road offers 525,000 square feet of Class A space in three buildings.

The 65-acre Crossings campus, highlighted by rolling berms, mature trees and abundant landscaping, is easily accessible from routes 24 and 10 and I-287. The campus originally housed a highly sensitive ITT division and later was a data center for by Bear Stearns. Today it serves as home to JP Morgan Chase, Barclays Capital and Lord Abbett. A partnership of Vision Real Estate Partners and Rubenstein Partners acquired the property last year, recognizing the opportunity to tap into the existing enhanced electrical, HVAC and fiber infrastructure to create a corporate campus with solid competitive positioning.

“Heavy power and connectivity are valuable commodities for today’s Class A space users – especially those who cannot risk downtime issues,” said Vision Real Estate Partners’ Sam Morreale, managing partner. “This is a hardened campus that remained fully operational during the last three major storms that impacted our region. Through the renovation, we have upgraded The Crossings’ accommodations and amenities to provide a truly superior product with unparalleled value in the marketplace.”

CREATING A LIFESTYLE-FOCUSED ENVIRONMENT
Master planned by Ka Architects, the project included demolishing a functionally obsolete, 140,000-square-foot data center building at the property’s main entrance and replacing it with an extensively landscaped great lawn. Vision Real Estate Partners /Rubenstein further softened the property’s former “institutional” feel by removing guard houses, redesigning the entrances and introducing a new signage program. Upgraded landscaping throughout the campus accentuate The Crossings’ serene suburban environment.

As a key component of creating a campus that promotes health, wellness, and sustainability, the partnership incorporated 1.2 miles of new pedestrian and bicycle infrastructure that connects directly to Morris County Parks Commission’s Patriots Path. Further encouraging the use of these alternative “roadways” for both recreation and as a commuting alternative, an onsite bike sharing station will be available for tenants beginning this summer.

Additionally, Vision Real Estate Partners /Rubenstein redeveloped the property’s 150,000-square-foot 200 Building. The partnership re-skinned the structure and created a new entry, lobby, fitness center, cafeteria and common areas. The building, which Cushman & Wakefield is marketing for single-tenant occupancy, is expandable by up to 100,000 square feet, will be built to suit. With ample parking, it is well suited for a high-density operation.

The 187,000-square-foot 300 Building is primarily occupied by JP Morgan Chase and Lord Abbett. The remaining availabilities include 22,000 square feet on the second floor and 13,000 square feet of support space on its lower level. The 187,000-square-foot 400 Building is 50 percent occupied by Barclays Capital, with the first and second floors available for a total of approximately 80,000 square feet. The Vision Real Estate Partners /Rubenstein partnership has replaced roofs and updated common areas in the buildings.

“Vision Real Estate Partners has a solid track record of successful development and redevelopment projects in Morris County for such internationally recognized names as Evonik Industries, NY Life, Bayer Healthcare and BASF,” noted Cushman & Wakefield’s Marc Trevisan, executive vice president, who is serving as exclusive leasing agent for The Crossings with Jon Williams and Josh Cohen. “In Whippany alone, the company and its predecessor firms have completed build-to-suit projects for both Cadbury and CAE, Whippany Village and,most recently, the new North American headquarters for Bayer Healthcare. Simply put, Vision Real Estate Partners understands what today’s office space users want, and the company has, once again, created an ideal environment at The Crossings.”

Already, The Crossings and its ownership have been recognized by Mid-Atlantic Real Estate Journal in its recent “Best of” rankings, as number one in the”Managers, Largest Properties” category.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788
www.twitter.com/carylcomm

Vision Real Estate Partners Acquires Montville Office Campus

Jul 03, 2014

Firm to Reposition/Redevelop former Bayer Asset in Morris County, N.J.

MONTVILLE, N.J., July 2, 2014 – Vision Real Estate Partners, LLC (VREP) has acquired Montville Corporate Campus, a 218,000-square-foot, Class A office property in Montville, from Bayer Pharmaceuticals. VREP is finalizing plans to either reposition and lease the two Class A buildings located there or redevelop the asset as a mixed-use property.

The acquisition ties to VREP’s role as developer of Bayer Healthcare’s new, 675,000-square-foot, 94-acre East Coast Headquarters in Whippany. As part of VREP’s sale of that site to Bayer in 2012, the firm retained the option to purchase the Montville property – one of three from which Bayer consolidated operations to its new LEED Gold facility.

“Our ability to assist Bayer through the full corporate property lifecycle – providing build-to-suit development as well as a disposition solution for its surplus space – not only secured us the chance to work on a great ground-up project, but also provided an opportunity to purchase this institutional-quality Morris County property,” noted VREP’s Sam Morreale, founder and managing partner. “The campus features outstanding accessibility in a region recognized for its quality of life.”

Located on a gated, 27-acre hilltop site at 340-342 Changebridge Road, Montville Corporate Campus currently includes twin, three-story travertine marble office structures. In its lease-up scenario the property will be rebranded, and VREP will invest nearly $15 million to reposition the buildings for single or multi-tenant occupancy. Alternately, the firm will launch a comprehensive, master-planned program to develop the campus into a mixed-use live/work/play environment. With frontage on I-80 at Exit 48, the property sits two blocks from Route 46, 1.5 miles from I-280 and three milesfrom I-287.

“The existing buildings provide excellent design, efficiency and aesthetics in a secure campus setting just minutes from the region’s major thoroughfares, airports and conveniences,” Morreale said. “As such, it is ideally suited for repositioning as a value-oriented, quality option in the market. At the same time, the mixed-use redevelopment opportunity is highly appealing. Montville consistently ranks high in CNN Money’s annual ranking of America’s best places to live, which underscores that potential.”

Jones Lang LaSalle’s Capital Markets Group orchestrated the multi-million-dollar, off-market trade from Bayer to VREP.

A full-service real estate investment, development and asset management company, VREP has deep roots in the Morris County commercial real estate marketplace. The company is based in Mountain Lakes, at its Mountain Lakes Corporate Center. As a classic local, hands-on owner, developer and operator, VREP is well known for its track record of identifying properties with great potential and transforming them into superior assets. The full-service firm maintains complete in-house capabilities and partners with national and global institutions, as well as private equity.

VREP has distinguished itself with its entrepreneurial approach and institutional pedigree, and by embracing the win-win nature of public/private partnerships that combine shared vision, expertise and teamwork excellence. The award-winning firm leverages its experience, relationships and hands-on approach to provide highly desirable real estate for tenants, sound financial investments for its partners, and performing, quality ratables for its host towns and municipalities. VREP currently owns and manages more than 2 million square feet of space in the region, and has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788
www.twitter.com/carylcomm

Vision Real Estate Partners Honored With NAIOP NJ Impact Award

Jun 11, 2014

Honor Recognizes Significant Influence on Commercial Real Estate Industry

MOUNTAIN LAKES, N.J., June 11, 2014 – Sam Morreale, founder and managing partner of Vision Real Estate Partners (VREP), accepted the NAIOP New Jersey 2014 Impact Award on behalf of his firm at the real estate trade organization’s annual gala in May. The honor recognizes distinguished industry trendsetters and companies that have significantly influenced New Jersey’s commercial and industrial real estate development industry.

NAIOP New Jersey Impact Award recipients are selected based on their service to the industry and community, professionalism and integrity, and overall industry contributions. Cushman & Wakefield Executive Vice Chairman Robert J. Donnelly, a long-time colleague of Morreale’s, received this year’s second Impact Award.

“Our recipients’ vision, incredible success and generosity – both professionally and personally – truly set them apart,” said Michael McGuinness, NAIOP NJ’s CEO. “Their long-standing relationships with some of our state’s most prominent tenants and industry leaders are the greatest testament to their accomplishments.”

As a classic local, hands-on owner, developer and operator, VREP is well known for its deep roots and experience in the New Jersey marketplace. The company is recognized for identifying properties with great potential and transforming them into superior assets. The net result? A track record of creating highly desirable accommodations for tenants, sound financial investment for partners, and performing, quality ratables for host towns and municipalities.

VREP is an offshoot of Vision Equities, LLC, which Morreale co-founded in 2006. Rebranded in 2014 following significant growth, VREP focuses on value-add, opportunistic, and select core and core-plus investment activities concentrated in the greater New Jersey/New York metropolitan area. The full-service firm maintains complete in-house capabilities and partners with national and global institutions, as well as private equity.

VREP has distinguished itself by embracing the win-win nature of public/private partnerships that combine shared vision, expertise and teamwork excellence. The company’s 67 Whippany Road campus is a shining example.

Vision Equities and Rubenstein Partners purchased the 194-acre former Alcatel-Lucent property in 2010, and subsequently master-planned one of the largest-scale, mixed-use redevelopment sites in Northern New Jersey. It subdivided and sold 94 acres to Bayer Healthcare, and then designed, executed approvals and developed a 675,000-square-foot, build-to-suit East Coast headquarters for this global industry leader and long-time New Jersey corporate citizen. That recently completed facility is driving forward the project’s residential, retail, hospitality and, potentially, additional office components; VREP currently is master planning the 100-acre “South Campus” parcel.

Already, the Whippany campus has been recognized with high-profile honors from NAIOP New Jersey, NJBIA, the Morris County Economic Development Corporation and United Way of Northern New Jersey.

Two additional hallmark projects in Whippany reflect VREP’s mission to create the highest and best use for its properties. The firm, again in partnership with Rubenstein, is just completing a multi-million-dollar redevelopment at 115 South Jefferson Road. The renovated and rebranded Crossings at Jefferson Park office property includes 525,000 square feet of Class A space in three buildings. Additionally, VREP’s 10-acre, mixed-use Whippany Village, currently under development on Route 10, has attracted national tenants CVS and JP Morgan Chase to anchor its 65,000-square-foot retail component. The project also will introduce 49 high-end multifamily rental units for this supply-constrained market.

“New Jersey’s tenant base is maturing, our buildings are getting older and workplace environments are changing,” Morreale said. “The opportunity for transformation is clear; our challenge and responsibility as commercial real estate practitioners is to create momentum for change in New Jersey. The good news is that we are a collaborative community, in a region with great potential. Working together, we can make that type of positive impact – and uphold our state’s viability as a great place to live, work and play.”

VREP currently owns and manages, or has developed more than 2 million square feet of space and has approximately 100 acres in land parcels available for mixed-use and build-to-suit opportunities. Other flagship properties include Mountain Lakes Corporate Center (Mountain Lakes), Parkway 120 (Matawan) and Mountain Heights Corporate Center (Berkeley Heights). The firm remains in active growth mode.

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788
www.twitter.com/carylcomm

Vision Real Estate Partners Rebranding Marks Renewed N.J. Focus

Jun 05, 2014

Morreale, Chomik Continue to Lead Development Firm’s Investment/Opportunistic Activities

MOUNTAIN LAKES, N.J., June 5, 2014 – With a new name and a renewed local focus on commercial real estate investment, development and operations in the greater New York/New Jersey metropolitan area, Vision Real Estate Partners, LLC has rebranded this spring, announced Sam Morreale, founder and managing partner. The new entity is an outgrowth of Vision Equities, LLC (formerly co-founded by Morreale); the launch follows a period of significant growth for the Mountain Lakes-based firm.

Morreale and Ross Chomik, managing partner, will continue to lead the company’s value-add, opportunistic, and stabilized investment activities. “We are sticking to our core markets and core competencies as a new brand,” Morreale said. “Most importantly, we are positioning our company to move forward with enhanced strength and direction.”

Morreale’s prior entity was founded in 2006 as a full-service real estate development and asset management firm with complete in-house capabilities. The firm invests in office, industrial, flex, mixed-use and retail, including both existing assets and development/redevelopment sites. As an entrepreneurial owner with an institutional pedigree, the company’s track record through its first seven years consistently outperformed market conditions for risk-adjusted returns for all product types and asset classes.

“As our platform evolved, it bifurcated into distinct areas in terms of both investment focus and geographic area,” Morreale explained. “The formation of Vision Real Estate Partners represents a re-commitment to our original New Jersey/New York metropolitan area focus. We are a classic local hands-on developer/operating partner, with deep roots and experience in this marketplace. We acquire properties with great potential and transform them into superior assets, which we then lease and self-manage through our integrated, in-house services.”

In New Jersey, Vision Real Estate Partners has recently developed and owns/manages more than 2.5 million square feet of space and has over 120 acres of land parcels available for mixed-use and build-to-suit opportunities. Its high-profile projects include, among others, the award-winning Bayer Healthcare East Coast Headquarters at 67 Whippany Road in Whippany. The firm also recently acquired Montville Corporate Center, a 218,000-square-foot, Class A office campus in Montville, and acquired and rebranded The Crossings at Jefferson Park, a 500,000-square-foot corporate campus at 115 South Jefferson Road in Whippany, where a major redevelopment has recently been completed.

“Looking ahead, we are actively pursuing a number of exciting real estate opportunities,” Chomik noted. “As always, our mission is to leverage our experience, relationships and hands-on approach to transform underutilized assets into highly desirable real estate for tenants, sound financial investments for our partners, and performing, quality ratables for our host towns and municipalities.”

Media Contact:
Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788
www.twitter.com/carylcomm

2014 New Good Neighbors Award – Whippany Campus Redux

Jun 02, 2014

As Seen in New Jersey Business Magazine, June 2014 Edition:

http://digital.njbmagazine.com/publication/?i=210432&p=70

NJBIA to Honor Vision/Rubenstein’s Bayer Healthcare’s Headquarters Project

Apr 30, 2014

Benchmark Infill Revitalization in Whippany Named a 2014 New Good Neighbor

WHIPPANY, N.J., April 30, 2014 – Vision Equities and Rubenstein Partners purchased the 194-acre former Alcatel-Lucent campus at 67 Whippany Road in Whippany in 2010, recognizing its potential to serve as a benchmark infill revitalization for the State of New Jersey. Today the first phase of development, involving Bayer HealthCare’s new East Coast headquarters, has been recognized as a New Jersey Business & Industry Association (NJBIA) 2014 New Good Neighbor Award winner.

Hanover Township Mayor Ronald Francioli nominated the Bayer HealthCare headquarters development for recognition. “The campus exemplifies the win-win nature of public/private partnerships that combine shared vision, expertise and teamwork excellence,” he wrote. “The Bayer HealthCare headquarters ultimately marks the birth of a project that will have a tremendous, ongoing economic benefit: through the replacement of lost municipal tax revenues, the retention of thousands of corporate jobs, the generation of years of construction jobs, retail commerce, and new housing.”

At the outset, the property included 15 vacant office, laboratory and support buildings totaling 1.4 million square feet. The partnership master-planned one of the largest-scale, mixed-use redevelopment sites in Northern New Jersey. In May 2012, it subdivided and sold 94 acres to Bayer HealthCare and subsequently designed, executed approvals and developed a 675,000-square-foot, sustainable facility for this global industry leader and long-time New Jersey corporate citizen.

Bayer’s consolidation from four locations in New Jersey and New York retained 2,500 jobs for New Jersey and continued the state’s dominance as a pharmaceutical industry hub. It introduced new Class A corporate space while actually reducing office supply in a market currently struggling with high vacancies. It also is driving forward the project’s residential, retail, hospitality and, potentially, additional office components; the 100-acre “south campus” parcel currently is being master planned.

“Our 54th annual New Good Neighbor Awards competition produced an impressive field of nominees,” noted NJBIA’s Michele Glassburg, first vice president, marketing. “Our distinguished panel of judges represented a wide variety of statewide organizations that share an interest in New Jersey’s growth and development. The panel considered each nominee on the basis of economic benefit/job creation, architectural merit, and community involvement. In all, the nominees were responsible for $980 million in new investment, more than 9,900 jobs, and a commitment to the economic and civic well-being of New Jersey.”

Vision Real Estate Partners’ Sam Morreale, who co-founded Vision Equities, along with a representative from Bayer, will accept the award at a luncheon on June 6 at the Pines Manor in Edison.

The prestigious NJBIA honor is the latest in a growing list of accolades for the Vision/Rubenstein partnership’s accomplishments at 67 Whippany Road. Already, the impact of the Bayer HealthCare headquarters development has been recognized with high-profile honors from NAIOP New Jersey, the Morris County Economic Development Corporation and United Way of Northern New Jersey. It also was honored in Mid-Atlantic Real Estate Journal’s Best of 2013, as number one in the “Developers Top Projects” category.

Media Contact:

Evelyn Weiss Francisco
evelyn@caryl.com
(201) 796-7788
www.twitter.com/carylcomm

Bayer HQ Opening Marks Milestone for Vision/Rubenstein Campus

Nov 08, 2013

Mixed-Use Redevelopment Planned for Balance of Whippany, N.J., Site

WHIPPANY, N.J., Nov. 8, 2013 – The October ribbon cutting for Bayer’s new North American headquarters at 100 Bayer Boulevard in Whippany marked a key milestone for the award-winning redevelopment of a 194-acre, former Alcatel-Lucent campus located there, announced Sam Morreale, managing partner and chief investment officer of Vision Equities.

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Suburban Office Building: Solutions for Vacant, Obsolete Office Parks

Jul 22, 2013

Focus of New Jersey League of Municipalities Program

NEW BRUNSWICK, NJ, July 22, 2013 — New Jersey’s suburban office markets continue to struggle post-recession, and the latter isn’t the only – or main cause. It’s a matter of age and changing workforce requirements, and that was the topic of discussion at a New Jersey League of Municipalities Educational Foundation (NJLMEF) program titled “Reinventing New Jersey’s Obsolete Suburban Office Campus.” The event was held at the Edward J. Bloustein School of Planning and Public Policy in New Brunswick.

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Vision Equities sells 299 Jefferson Road

Jun 11, 2013

Redevelopment and Long-Term Lease of Evonik Degussa HQ
Punctuates Turnaround Success

PARSIPPANY, N.J., June 11, 2013 — A $32.4 million sale of 299 Jefferson Road in Parsippany marks the culmination of a stabilization for the 150,500-square-foot, Class A office asset. Vision Equities, LLC, an institutional investor, has sold their interest in the property to Cole Corporate Income Trust, Inc.; Vision will continue to provide asset/property management for the building, which serves as corporate headquarters for Evonik Degussa Corporation.

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