1776 On The Green, located at 67 Park Place East in Morristown — Courtesy: Vision Real Estate Partners
By Joshua Burd
After building its presence in suburban Morris County, Vision Real Estate Partners has planted a flag in downtown Morristown with the acquisition of a 150,000-square-foot office building.
The owner and developer on Tuesday formally announced its purchase of the building known as 1776 On The Green, located at 67 Park Place East, from Deutsche Bank Asset Management. The firm did not disclose the terms of the transaction, but market reports have identified it as a roughly $32 million acquisition.
Vision Real Estate Partners is now set to launch a renovation to modernize the 10-story building, according to a news release. The property, which was built in 1973 along the Morristown Green, is more than 80 percent leased and is already undergoing extensive interior upgrades.
“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,” Sam Morreale, Vision Real Estate Partners’ founder and managing partner, said in a prepared statement. “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.”
Located at the corner of Speedwell Avenue, 1776 On The Green sits atop the structured parking garage shared with the adjacent Headquarters Plaza complex. As part of its acquisition, the Mountain Lakes-based firm is also collaborating with the neighboring complex and the town on the planned improvements at the nearby Pioneer Park.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group — led by David Bernhaut Andrew Merin, Gary Gabriel, Brian Whitmer and Nick Karali — orchestrated the sale to Vision Real Estate Partners, the news release said. Bernhaut said “the investment community showed strong interest” in the offering “and Vision Real Estate Partners ultimately won a great building.”
“Morristown continues to thrive as one of New Jersey’s most desirable rail-served, urban-meets-suburban communities,” Bernhaut said. “Within it, 1776 On The Green is well positioned with an organization known for its contributions to the Morris County office market.”
Vision Real Estate Partners has spearheaded high-profile build-to-suit projects in surrounding parts of Morris County in recent years, including buildings for Bayer Healthcare, MetLife Investments and others. All told, it owns and operates 1.6 million square feet in Morris County office assets, including The Crossings at Jefferson Park in Whippany, along with properties in suburban Essex County and elsewhere.
At 1776 On The Green, Vision Real Estate Partners is planning lobby and common area upgrades, plus the creation of a third-floor amenity lounge with a coffee bar, flat-screen televisions and café-style seating. The firm is marketing availabilities ranging from 1,000 square feet to a full floor of 13,000 square feet at the building.
“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,” said Ross Chomik, the firm’s managing partner. “The resulting outdoor lounge area will extend our interior collaborative spaces at 1776 On The Green into the larger neighborhood.”
