PARSIPPANY — Vision Real Estate Partners continues the expansion of its northern New Jersey office footprint with the acquisition of a 226,317-square-foot, Class A office building. The four-story property at 20 Waterview Boulevard is situated within the Waterview Corporate Center. The building was purchased for $13 million from Mack-Cali Realty Corp.
20 Waterview Boulevard, which is the largest of the premier office park’s buildings, and is suitable for small and large users alike, features flexible floor plates that allow for contiguous suites from 10,000 to 100,000 square feet.
Morris County’s central location and extensive transportation network continue to play an important role in the continued growth and development of the region’s office market as does its deep, educated talented pool. The Parsippany submarket is one of the largest Class A submarkets in New Jersey.
“20 Waterview Boulevard was particularly attractive to us and will undergo extensive redevelopment and rebranding as it combines future core-plus stability with a current value-add component on the leasing side,” said Vision Real Estate Partners’ Sam Morreale, founder and managing partner. A full-service real estate owner/operator, Vision Real Estate Partners is recognized for accommodating the needs of corporate space users of all sizes in the Garden State.
JLL served as the exclusive sales agent in the transaction. Colliers International will be handling the leasing.
“We are planning extensive renovation projects to transform 20 Waterview Boulevard into a fully-amenitized building, providing current and future tenants with an enhanced corporate environment,” added Morreale. Renovations will include an updated lobby with collaborative space and exterior upgrades as well as creative amenity facilities.
20 Waterview Boulevard is immediately adjacent to the complex, Waterview Marketplace, a Whole Foods-anchored retail center, including a Shake Shack and other retail amenities that is under construction, and is nearby one of the area’s most active retail corridors with a variety of retail and dining options. It is ideally situated at the intersection of Route 46, Route 202 and Interstate 287 and is within less than one mile of Interstate 80.
The Waterview Corporate Center is a six-building office complex totaling approximately one million square feet, at the intersection of Route 46, Route 202 and Interstate 287 and less than a half-mile from I-80. The stretch of Route 46 three miles east and west of Waterview Corporate Center is one of northern Morris County’s most active retail corridors, including numerous restaurants, grocery stores, major retailers, hotels, bank branches and more.
Constructed in 1988, the 225,550-square-foot 20 Waterview Boulevard occupies about 16.8 acres of land and features 778 parking spaces. The four-story office building had five tenants and was 43.9-percent occupied when acquired by Vision Real Estate Partners.
Vision Real Estate Partners is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its pioneering creation of “experiential” suburban campus environments combining work, play, well-being and sustainability – designed for today’s cross-generational workforce. The company currently operates, is constructing or redeveloping more than 5 million square feet of space in its local market. Vision Real Estate Partners has over 150 acres of land parcels available for mixed-use and build-to-suit opportunities. Vision’s in house property management team also oversees property management, financial reporting and overall operational supervision for nearly 1.5 million square feet of office space on behalf of multiple strategic partners.