Vision Real Estate, Rubenstein ink twin office deals totaling 700K sq.ft. in Parsippany

A pair twin office acquisitions by Vision Real Estate Partners and Rubenstein Partners has continued this joint venture’s commitment to Morris County’s office market.

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.

Cushman & Wakefield and Newmark Knight Frank, respectively, arranged the Phase I and II sales to the joint venture.

“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.”