NEWSROOM

Vision Equities JV Buys Parsippany Office Building
Class A Office Trades for $29.8 Million

Vision Equities, in a joint venture with Grosvenor Investment Management (GIM), acquired the office building at 299 Jefferson Road in Parsippany, NJ, from Atrium LP. The purchase price of $29.8 million factors out to approximately $199 per square foot.

The Class A facility was built in 1985 and sits on almost 7.5 acres on the Kingsbridge Corporate Campus. It features a cafeteria, state-of-the-art computer center, and 30' x 30' column spacing for layout flexibility and efficient space utilization.

The property was fully occupied by Pearson Education at the time of sale.

CBRE of Saddle Brook handled both sides of the deal and was retained to lease the property. Senior Vice President Geoffrey Schubert represented the buyer, while Capital Markets Senior Director James Gunning represented the seller.

Gunning said that the buyer believes this is one of the best assets in the Parsippany market and is confident the property will attract a credit-tenant over the next 12 months. He reported that the property traded with a 6.66% cap-rate and was only selectively marketed prior to the sale.

Vision Equities, LLC. is a full service real estate development and management firm with extensive real estate ownership and development experience in all asset classes, involving over 15 million square feet of real estate product (with a particular emphasis in the Northeast and New Jersey). Vision Equities, LLC. has operated as an entrepreneurial owner and partnered with the largest institutional capital partners in the development and ownership core, redevelopment, development and land entitlement assets.


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