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Cushman & Wakefield Awarded Agency at Vision Equities' The Crossings at Jefferson Park

Real Estate News Reporting & Information

Updated on Jun 19, 2013

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Commercial real estate services firm Cushman & Wakefield, Inc. has been awarded the marketing and leasing assignment for The Crossings at Jefferson Park, a new corporate campus in Whippany, N.J. The Morris County property was recently acquired by a partnership of Vision Equities and Rubenstein Partners. David Stifelman, Jon Williams, and Josh Cohen are the Cushman & Wakefield team that will be partnering with Vision Equities on the marketing of the campus.

Located at 115 South Jefferson Road in Whippany, the campus was originally constructed starting in the 1950s by ITT, with the final phases completed by Bear Stearns in 2004. While the focus of the campus will no longer be disaster recovery and backup data center, the in-place, enhanced electrical infrastructure will prove a valuable commodity to users in search of Class A office space with this amenity. Vision Equities has already begun a major redevelopment by demolishing a 140,000-square-foot data center and replacing it with a "great lawn" and heavily landscaped campus entry presence. In addition, land is available for a technology or office build-to-suit space, or possibly retail that would support the campus as an amenity.

"Vision Equities has a solid track record of redevelopment, with a long list of successes in Morris County," said Stifelman. "They are currently the largest and most successful developer in Whippany having completed build-to-suit projects for both Cadbury, CAE, Whippany Village and, most recently, the new North American headquarters for Bayer Healthcare. Vision is well positioned due to its vertically integrated structure and expertise to execute the entire process in-house, on time and within budget."

"The property offers unparalleled value and quality in the marketplace given the corporate ownership history and major capital improvement program," added Sam Morreale, co-founder and managing partner, Vision Equities.

Under a site plan developed by Ka Architects of Cleveland, Ohio, the master-planned site is being transformed through demolition and replaced by a great lawn, landscaping and pedestrian trails. The three remaining four-story buildings total nearly 500,000 square feet. Building 200 is a 150,000-square-foot building that includes a full-service cafeteria, fitness center, loading dock and a recently renovated lobby.

The 187,000-square-foot 300 Building is primarily occupied by a major financial institution, and most recently Lord Abbett leased 17,000 square feet. The remaining availabilities are 22,000 square feet on the second floor and 13,000 square feet of support space on its lower level. The 187,000-square-foot 400 Building is currently occupied by Barclays on the top two floors with the first and second floors available for approximately 80,000 square feet. All three buildings have full on-site security, above standard power and HVAC available.

"The site's redevelopment will create a true corporate campus, with walking trails and tremendous landscaping," said Williams. "It will be a campus environment with the ability to help companies grow. And with great access to routes 24 and 10 and I-287, we anticipate a great deal of interest not only in the existing buildings' availabilities, but also in the proposed build-to-suit."
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