The Crossings at Jefferson Park — Courtesy: Vision Real Estate Partners
By Joshua Burd
Vision Real Estate Partners leased 120,000 square feet across its northern and central New Jersey portfolio in the second half of 2016, while completing major upgrades at two of its properties.
The Mountain Lakes-based real estate firm this week announced a series of leases, including a 33,340-square-foot deal with WithumSmith+Brown in the Whippany section of Hanover. The Top 30, nationally ranked public accounting and advisory firm took the space at The Crossings at Jefferson Park, which Vision Real Estate owns jointly with Rubenstein Partners.
Last fall, the joint venture completed the multimillion-dollar adaptive reuse of a former powerhouse structure at the 525,000-square-foot office park, according to a news release. The resulting 11,000-square-foot amenities building for tenants now features enhanced gourmet food services, a multifunction lounge, conference room and a health and wellness center.
“Our market — and our properties — are experiencing strong momentum,” Sam Morreale, founder and managing partner of Vision Real Estate Partners, said in a prepared statement. “The activity spans industries and involves diverse size requirements.”
The firm’s regional portfolio includes more than 5 million square feet of owner-operated assets and development projects, along with some 1.5 million square feet of ownership representations with strategic partners.
The company reported on a host of other leases in its announcement:
At 9W Office Center in Fort Lee, where Vision Real Estate Partners has been operating since early 2016, the firm has recorded more than 38,000 square feet of tenant activity in recent months. That includes lease renewals by Merrill Lynch for 12,830 square feet and Park Avenue Capital for 3,175 square feet, among others at the 215,000-square-foot office building.
In Mercer County, the firm said it inked four transactions totaling more than 25,500 square feet at Princeton South Corporate Center in Ewing, including an expansion by ERM for 12,664 square feet and new leases with LendLease and Corporation Services, plus a renewal by Celator. 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 Interstate 95 at the junction of Route 31.
The firm’s involvement there represented its foray into the Princeton market.
Morreale added that 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,” he said. “Our recent activity indicates that suburban office properties across New Jersey are successfully satisfying these evolving tenant needs and employee preferences.”