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Vision REP Buys Downtown Morristown Office Building

04/19/2017
Published By: Ioana Ginsac
yardi matrix photo of the 1776 On The Green office property at 67 Park Place East, Morristown NJ

1776 On The Green (Yardi Matrix)

Vision Real Estate Partners has acquired the 1776 On The Green office building in Morristown, NJ. The real estate developer’s portfolio already features several Morris County office properties totaling 1.6 million square feet, but this will be its first downtown asset.

“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,” noted Sam Morreale, VREP founder and managing partner. “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,” Morreale added.

Headquarters Plaza West tower at 1 Speedwell Avenue, Morristown, NJ 07960

Headquarters Plaza West (Yardi Matrix)

Located at 67 Park Place East, the 10-story, 154,000-square-foot Morristown office building was originally constructed in 1973 and has been continuously updated since. The property is situated on top of a structured parking garage that it shares with the adjacent Headquarters Plaza towers. Vision’s plans to modernize 1776 On The Green include upgrades to the lobby and common areas and creating a third-floor amenity lounge with a coffee bar, flat-screen televisions and café-style seating.

Current tenants already have access to the nearby Hyatt Hotel and its services, as well as Morristown’s abundant retail and dining amenities, within walking distance.

In keeping with its ongoing commitment to public/private partnership, Vision will also collaborate in the Pioneer Park improvements project. Managing partner Ross Chomik stated that the developer is “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. The resulting outdoor lounge area will extend our interior collaborative spaces at 1776 On The Green into the larger neighborhood.”

Cushman & Wakefield’s David Bernhaut, who headed the property sale, stated there was strong investor interest in the property, as Morristown continues to thrive as one of New Jersey’s most desirable communities.

 

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Release Date04/19/2017 - 03:02

Source

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