1776 On The Green Trades for $33M
- Apr 19, 2017
Vision Real Estate Partners has acquired 1776 On The Green, a 150,000-square-foot office tower located in downtown Morristown, N.J. Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the $33 million trade from Deutsche Asset Management. According to Yardi Matrix, the buyer financed the purchase through a $17.7 million loan originated by insurance company Knights of Columbus.
Cushman & Wakefield’s David Bernhaut, vice chairman of the Metropolitan Area Capital Markets Group, lead the sales advisory team, supported by Vice Chairman Andy Berin, Executive Vice President Gary Gabriel, Senior Director Brian Whitmer and Associate Director Nick Karali.
Completed in 1973, the 10-story office building located at 67 East Park Place has continually undergone updates through its history. Vision Real Estate Partners plans to launch an extensive renovation program that includes 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 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,” Sam Morreale, founder & managing partner of Vision Real Estate Partners, said in prepared remarks. “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,” added Managing Partner Ross Chomik.
Vision Real Estate Partners is currently marketing availabilities ranging from 1,000 to 13,000 square feet at 1776 On The Green. Recently, the company expanded its New Jersey presence with the acquisition of a three-building office portfolio in Roseland.
Image courtesy of Yardi Matrix