In separate transactions, the firms recently purchased Phases 1 and II of the former Morris Corporate Center IV. The deals comprise of nearly 700,000 square feet of Class A office space.
The two assets will undergo major capital improvements.
“The opportunity to purchase two of Morris County’s best office assets — which we will integrate under a single brand — was highly compelling,” said Sam Morreale, Vision Real Estate Partners founder and managing partner. “Space of this caliber and scope is fairly limited in the Morris County market. As a quality, large-block vacancy, the property offers a distinctive opportunity for headquarters and regional users.”
“An affluent, well-educated population; ample, diversified housing options; and access to abundant retail, dining, hospitality and recreational amenities contribute to this submarket’s historic appeal to major corporate users,” said Stephen Card, Rubenstein Partners’ principal and Mid-Atlantic regional director. “Our regional, value-add investments with Vision Real Estate Partners have leveraged these advantages as a key component of our successful repositioning plays.”