Vision Real Estate Partners
49 Bloomfield Ave.
Mountain Lakes, NJ 07046
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Release Date: Thursday, February 26, 2015
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Commitment Follows Re-Introduction of Whippany, N.J., Office Complex by Vision Real Estate Partners and Rubenstein Partners
WHIPPANY, N.J., Feb. 26, 2015 – Arthur J. Gallagher & Co. has leased 51,000 square feet at The Crossings at Jefferson Park, owned by a joint venture of Vision Real Estate Partners and Rubenstein Partners. The commercial insurance firm will relocate 300 employees to the recently redeveloped office campus in Whippany from Short Hills, New Jersey, in an expansion of its regional risk management services practice.
The long-term lease marks the first new commitment at The Crossings following its reintroduction to the market. Vision Real Estate Partners and Rubenstein recently completed a multi-million-dollar revitalization and rebranding of the 115 South Jefferson Road property, which offers 525,000 square feet of Class A space in three buildings.
Cushman & Wakefield's Executive Vice President Marc Trevisan, Jon Williams and Josh Cohen serve as exclusive marketing agents for The Crossings at Jefferson Park. Bryn Cinque and Jim Bailey from Colliers represented Arthur J. Gallagher & Co. in negotiating its lease.
"The transaction – from the initial tour to lease execution – transpired in just three weeks," Williams noted. "This achievement is a credit to the property's ownership. Vision Real Estate Partners and Rubenstein Partners are able and willing to flexibly accommodate tenants' timelines."
Arthur J. Gallagher & Co. will occupy part of The Crossings' 150,000-square-foot 200 Building. As part of the repositioning, the ownership re-skinned the structure's front entrance, creating a two-story curtain wall lobby. The building, which is expandable by 100,000 square feet, includes a fitness center and cafeteria. Currently, Vision Real Estate Partners, as the property's operating partner, is gearing up to augment these amenities by repurposing the property's former, 10,000-square-foot power house as a central café/coffee bar and fitness center.
The 65-acre Crossings campus originally housed a highly sensitive ITT division and later was a data center for Bear Stearns. In the rebranding, the ownership leveraged the existing enhanced electrical, HVAC and fiber infrastructure while upgrading accommodations and amenities throughout the campus. Promoting health, wellness, and sustainability was a key component of the repositioning. The ownership incorporated 1.2 miles of new pedestrian and bicycle infrastructure that connects directly to Morris County Parks Commission's Patriots Path. An onsite bike sharing station and bike storage are available for tenants.
"Our goal was to create the type of quality, amenitized work/play environment sought by today's office space users," noted Sam Morreale, founder and managing partner of Vision Real Estate Partners. "Securing a credit tenant like Arthur J. Gallagher & Co. shows that we have achieved our objective to offer a superior product with unparalleled value."
Highlighted by rolling berms, mature trees and abundant landscaping, The Crossings at Jefferson Park is easily accessible from routes 24 and 10 and I-287. "The Crossings is a phenomenally well-located asset, surrounded by some of the best demographics in the United States," said Stephen Card, Mid-Atlantic regional director for Rubenstein Partners. "Businesses that locate here have access to a tremendously talented pool of employees and appealing housing options for the workforce."
Other tenants at The Crossings include JP Morgan Chase, Barclays Capital and Lord Abbett. Cushman & Wakefield currently is marketing the 100,000-square-foot balance of the property's 200 Building, 25,000 square feet in the 300 Building, and two full floors totaling approximately 80,000 square feet in the 400 Building.