Philadelphia, PA (PRWEB) February 4, 2008
A joint venture of Grosvenor Investment Management (GIM) and Vision Equities, LLC has commenced a $5 million capital improvement plan to redevelop two Class A office assets in the Parsippany, New Jersey area about 30 miles west of Manhattan.
The JV has committed about $4 million to redevelop Mountain Lakes Corporate Campus, part of an 18-acre office campus just across the street from Parsippany in the executive lake community of Mountain Lakes, New Jersey. The 49,477 SF Mountain Lakes I, which underwent a gut redevelopment in 2000, is 100 percent leased to Pinnacle Foods Corporation and Omnova Solutions, Inc. The 63,528 SF Mountain Lakes II, constructed in 1981, is being redeveloped and repositioned by the JV.
When completed by the end of this year, Mountain Lakes II will have an entirely new façade of brick, granite, and pre-cast with an extensive new window line, along with all new mechanical, electrical, and life safety systems, elevators, restrooms, and a new two-story atrium lobby with wood and granite finishes. In addition, the landscaping will be replaced to enhance curb appeal and complement the new exterior. The JV also is marketing a build-to-suit land site on the campus that is approved for a one- or two-story 65,000 SF building.
"The Mountain Lakes corporate campus serves the prestigious Parsippany market, but is located just outside of Parsippany in a tranquil, beautifully landscaped residential environment," said Sam Morreale, Managing Partner of Vision Equities. "Our newly renovated building is perfect for an expanding entrepreneurial firm or a business unit of a national company." (For leasing information, contact Vision Equities at 201/247-4300.)
The GIM-Vision Equities JV also is redeveloping another asset it owns nearby in Parsippany. 299 Jefferson Road is a three-story 150,000 SF institutional quality building designed by the New York architectural firm Gwathmey Siegel & Associates for a single tenant. Its timeless design features a three-story skylit atrium with maple paneling, precast exterior, full-service cafeteria, 2,500 SF data center, and an employee fitness center. Both surface and under-building parking is provided. The GIM/Vision Equities JV is investing approximately $1 million to update the common areas, mechanical equipment, elevator cabs, and life safety systems, while adding a custom water feature to the atrium lobby. The entire building is available for lease. (For leasing information, contact Geoffrey Schubert, Marc Trevisan or Craig Eisenhardt of CB Richard Ellis' Saddle Brook, New Jersey office at 201/712-5600).
"299 Jefferson Road provides a corporate user with build-to-suit quality at rates well below the cost of new ground-up construction," said Judy Wisniewski, Senior Director of GIM. "This capital improvement plan will significantly enhance the property's curb appeal and provide a corporate user prestigious identity in the center of Morris County, New Jersey's strongest suburban office market and home to the greatest concentration of Fortune 500 companies in the state." 299 Jefferson Road is located near the intersection of Interstates 80 and 287. Corporate neighbors include HSBC, Realogy, ADP, Novartis, State Farm Insurance, Deloitte & Touche, AIG, Pfizer, Lexus and PNY Technologies.
Based in Philadelphia, GIM serves as Grosvenor's real estate investment management operation in North America. GIM is part of Grosvenor Fund Management, which was established in 2005 as a vehicle for third-party participation in Grosvenor-managed investments. As of June 30, 2007, Grosvenor Fund Management (including GIM) had total funds under management of approximately $6.1 billion internationally. GIM is currently seeking new investment and development opportunities in the U.S. and Canada, including providing joint venture capital, across all product types and risk profiles on behalf of its Fund and Separate Account clients.
Grosvenor is a privately owned group of international property businesses with total assets under management of $22.9 billion as of June 30, 2007. Grosvenor is active in the investment, development and asset management of real estate assets through its operating companies in the Americas, Britain & Ireland, Continental Europe and Australia Asia Pacific, while its fund management business operates across all of these markets.
About Vision Equities, LLC:
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 SF of real estate product, with a particular emphasis in New Jersey and the Northeast. Based in Mountain Lakes, New Jersey, Vision Equities, LLC has operated as an entrepreneurial owner and partnered with the largest institutional capital partners in the development and ownership of core, redevelopment, development, and land entitlement assets.