Vision Real Estate Partners closes 315,000 s/f of leases during the first half of 2015
MOUNTAIN LAKES, NJ — With 315,000 s/f in leasing during the first half of 2015, Vision Real Estate Partners is seeing strong demand within its northern New Jersey office portfolio. The activity reflects acceleration within the regional real estate market, according to Sam Morreale, founder and managing partner of the Mountain Lakes-based firm.
Vision Real Estate Partners’ year-to-date transactional highlights included a 185,000 s/f build-to-suit lease for MetLife at 67 Whippany Rd. in Whippany and a 51,210 s/f commitment by Arthur J. Gallagher & Co. at The Crossings at Jefferson Park in Whippany. Additional transactions included new leases by EuroImmue and Sloan & Company at Mountain Lakes Corporate Center in Mountain Lakes; and a new lease and renewal, respectively, by ADC Therapeutics and Fisher & Phillips at Mountain Heights Corporate Center in Berkeley Heights.
“The first six months of the year established excellent momentum,” Morreale said. “We are seeing requirements of all sizes spanning a range of industries. Across the board, tenants are looking for well-located, amenity-rich properties that enable them to attract and retain talent. Superior technology infrastructure and ample parking also are critical for winning commitments in today’s market.”Morreale noted that tenant fit-outs are increasingly focused on collaboration and lifestyle.
“The new workforce favors open spaces with low-profile partitions, a variety of gathering areas for intimate or large-scale meetings, and onsite conveniences like cafes and fitness centers. The properties that can accommodate and deliver these requirements are positioned to capitalize on the market’s growing momentum.”