1776 On The Green, located at 67 Park Place East — Courtesy: Vision Real Estate Partners
By Joshua Burd
Vision Real Estate Partners has leased nearly 20,000 square feet to an insurance firm at its newly acquired office building in Morristown, the largest among several recent deals announced by the firm.
The tenant, Hartford Fire Insurance Group, took 19,699 square feet at the building known as 1776 On The Green. The transaction follows the announcement last month that the Mountain Lakes-based developer and owner had acquired the 150,000-square-foot building, which is located at 67 Park Place East in downtown Morristown.
Leo Paytas of CBRE represented the tenant in the long-term transaction.
Vision Real Estate Partners announced the Hartford deal as part of a roundup of its activity from the first quarter. In Mercer County, it closed three long-term leases with tenants totaling nearly 13,500 square feet at Princeton South Corporate Center in Ewing, including:
- Purdue Pharma (6,989 square feet), which was represented by Avison Young’s Ron Ganter;
- PharmApprove (4,852 square feet), which was represented by MWM Group’s Matthew Meade;
- Stages Pcs LLC (1,554 square feet), which was represented by Mercer Oak Realty’s Aubrey Haines
Vision Real Estate Partners spearheads the overall operations for the 268,000-square-foot, Class A property in Ewing under a venture with one of its repeat capital partners.
“We maintain long-term involvement in New Jersey and firmly believe that good locations in this dynamic state will always attract corporations and capital,” said Sam Morreale, founder and managing partner of Vision Real Estate Partners. “Suburban New Jersey, in particular, provides incredible potential. Over the past several years, we have deepened our foothold here, and successfully leveraged our relationships with partners and municipalities to transform obsolete and underperforming properties into next-generation workplaces for companies of all shapes and sizes.”
The firm also inked a 3,500-square-foot, long-term renewal with Lee Hecht Harrison at 989 Lenox Drive in Lawrenceville. The property is part of the Princeton Pike Corporate Center, an 817,000-square-foot campus where Vision Real Estate Partners has enhanced amenities since taking over operations since early 2016.
Charles Egele from Mohr Partners represented the tenant in the renewal.
The otherfirst-quarter deal announced by the firm is a 2,267-square-foot, long-term renewal for Ravin Greenberg LLC at 101 Eisenhower Pkwy in Roseland. The building is part of a three-building, 610,000-square-foot portfolio the firm purchased on Eisenhower Parkway in Roseland in late 2016.
Vision Real Estate Partners is in the midst of a multimillion-dollar rebranding and renovation to modernize and unify the assets as a 51-acre, Class A campus.
“We have built our company by recognizing potential, creating viable master plans, and successfully working to maximize properties’ physical and leasing potential,” said Ross Chomik, managing partner. “This is our core competency, and we are pleased that 2017 has already brought us new opportunities and successes, with more to come as the year unfolds.”