1776 On the Green, Morristown, NJ
MORRISTOWN, NJ—With the acquisition of 1776 On The Green, Vision Real Estate Partners has expanded its regional investment into the downtown Morristown office market. Vision’s plans for the iconic, 150,000-square-foot office tower—including collaborating with the adjacent Pioneer Park improvements project—are in keeping with its signature approach to selective acquisitions and ongoing commitment to public/private partnership.
Located at 67 Park Place East, 1776 On The Green is situated on the Morristown Green at the corner of Speedwell Avenue, in the heart of Morris County’s suburban live/work/play CBD. Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the recent trade from Deutsche Bank Asset Management for a reported $32 million, according to industry sources.
“We have established a deep suburban foothold around Morristown, and becoming part of this vibrant CBD has been part of our expansion goal for some time,” says Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “We immediately recognized 1776 On The Green as the right fit. This well-leased core asset holds historic significance and occupies a premier location on the Morristown Green. We will leverage our expertise as a proactive owner as we work to elevate the tenant experience and introduce unique amenities.”
Built in 1973 and continually updated through its history, 1776 On The Green is undergoing extensive interior upgrades and is situated on top of the structured parking garage shared with the adjacent Headquarters Plaza. Vision Real Estate Partners immediately will launch its renovation to modernize the 10-story building. Plans include lobby and common area upgrades, and the creation of a third-floor amenity lounge with a coffee bar, flat-screen televisions and café-style seating.
“We are especially pleased to be partnering with the town of Morristown and Headquarters Plaza’s ownership to revitalize Pioneer Park, a public plaza that sits between the two properties,” says Ross Chomik, managing partner. “The resulting outdoor lounge area will extend our interior collaborative spaces at 1776 On The Green into the larger neighborhood.” The property’s tenants also enjoy access to the adjacent Hyatt Hotel and its services, and Morristown’s rich walkable amenities including restaurants, shopping and nightlife.
Vision Real Estate Partners currently is marketing availabilities ranging from 1,000 to 13,000 (full floor) square feet at 1776 On The Green.
“The investment community showed strong interest in the 1776 On The Green offering, and Vision Real Estate Partners ultimately won a great building,” says Cushman & Wakefield’s David Bernhaut, who headed the property sale with East Rutherford, NJ-based Metropolitan Area Capital Markets Group team members Andrew Merin, Gary Gabriel, Brian Whitmer and Nick Karali. “Morristown continues to thrive as one of New Jersey’s most desirable rail-served, urban-meets-suburban communities. Within it, 1776 On The Green is well positioned with an organization known for its contributions to the Morris County office market.”
Vision Real Estate Partners owns and operates 1.6 million square feet in Morris County office assets – also including The Crossings at Jefferson Park in Whippany; a recently acquired, three-building portfolio on Eisenhower Parkway in Roseland; and Mountain Ridge in Montville. The company also has spearheaded high-profile build-to-suit projects for Bayer Healthcare, MetLife, Cadbury Schweppes, CAE Technologies and Evonik Corporation in the immediate market.
Correction, 4/12/2017, 5:00 p.m.: An earlier version of this story included a photo of the property, provided by Vision Realty Partners, which, it subsequently advised GlobeSt.com, had not been approved for publication. The firm provided a different photo, which has replaced the earlier image.