Hudson Equities acquires 211,000 s/f, fully occupied asset from Vision Real Estate Partners
MATAWAN, NJ — Hudson Equities Management Corp. has acquired Parkway 120 in Matawan from Vision Real Estate Partners. The trade coincides with Vision Real Estate Partners’ success in bringing the 211,000 s/f, class A asset to full occupancy; Vision Management, the firm’s in-house property management division, will continue as exclusive managing agent under the new ownership.
“Vision Real Estate Partners leveraged Parkway 120’s potential as the highest-quality office asset in the local market,” said Hudson Equities’ Ephraim Hasenfeld, president. “This is a true world-class office building. It provides a work environment that fosters productivity, amenities that help tenants attract and retain employees, and an image that speaks to success. Moving forward, we look forward to ensuring that tenants will enjoy the same responsive service they have come to expect.”
At the time of the sale, Vision Real Estate Partners finished orchestrating an expansion for long-time Parkway 120 tenant iCIMS. The talent acquisition software firm added 23,300 s/f to its commitment and now occupies a total of 83,900 s/f. That expansion brought Parkway 120 to full occupancy.
In its new role, Vision Management is preparing to launch a full renovation of the two-story lobby at Parkway 120. The project will include updated finishes, new lighting and carpeting, and the incorporation of a seating area.
“We take pride in having brought Parkway 120 from nearly vacant to full occupancy during our involvement in its ownership,” said Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “This is our first partnership with Hudson Equities, and we look forward to working with Ephraim and his team to continue the property’s success and progress.”
Located at 90 Matawan Rd. with views of Raritan Bay, Parkway 120 sits one quarter mile from Garden State Parkway Exit 120, and serves as home to a mix of regional tenants and local entrepreneurial firms. The five-story building features underground parking, a dual-sided atrium lobby, an onsite café and sundries shop, card-access security, and the newest mechanical and technology features.