NEWSROOM
JV Will Spend
$5M to Upgrade Assets
A joint venture is getting ready to spend $5 million
to redevelop office assets
 A
joint venture of Grosvenor Investment Management and
the locally based Vision Equities is getting ready
to spend $5 million on capital improvement to redevelop
two class A office assets they’ve acquired in the
past year. Of that total, $4 million will be spent
at Mountain Lakes Corporate Center, an 18-acre campus
acquired from TIAA-CREF for $15.2 million in early
2007.
The complex consists of the 49,500-sf Mountain Lakes
I, currently 100% leased to Pinnacle Foods and Omnova
Solutions. And the 63,500-sf Mountain Lakes II, built
in 1981, was until recently occupied mostly by Computer
Horizons, which has substantially downsized, paving
the way for a major repositioning by GIM and Vision.
The makeover at Mountain Lakes will
include an entirely new facade, new building systems
and a new two-story atrium lobby. GIM and Vision are
also marketing a build-to-suit site adjacent to the
two existing buildings, approved for a one- or two-story
65,000-sf companion building, according to Sam Morreale,
managing partner of Vision Equities. “It serves the
Parsippany market, but is located just outside of
Parsippany in a tranquil residential environment,”
he says.
The other asset is the nearby, three-story
150,000-sf 299 Jefferson Rd., acquired by the JV partners
from Atrium Limited Partnership in mid-2007 for an
undisclosed price. At the time of acquisition, 299
Jefferson was occupied by educational publisher Pearson
with a lease expiring in 2009, but that tenant has
already left the building.
GIM and Vision Equities will spend $1
million to update the commons areas and various systems
of the building, which is entirely available for lease.
“It provides a corporate user with build-to-suit quality
at rates well below the cost of new ground-up construction,”
says Judy Wisniewski, senior director at GIM. “This
capital improvement plan will significantly enhance
the property’s curb appeal.”
Geoffrey Schubert, Marc Trevisan and
Craig Eisenhardt of CB Richard Ellis, Saddle Brook,
have the exclusive for 299 Jefferson Rd. The space,
in floor plates of 40,000 sf to 55,000 sf, is currently
listed with an asking price of $27.50 per sf.
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