Barclays Nabs Revitalized NJ Office Campus
- Jun 08, 2017
Vision Real Estate Partners and Rubenstein Partners LP announced the disposition of The Crossings at Jefferson Park, a three-building suburban New Jersey office campus located at 115 S. Jefferson Road in Whippany. JLL’s Tom Walsh and Joe Garibaldi acted on behalf of the sellers, while Dan Loughlan and Scott Lesh represented the buyer, anchor tenant Barclays Capital, which acquired the property for a reported $69 million. According to Yardi Matrix, The Crossings last traded in 2013 for $23 million.
When Vision Real Estate and its partner purchased the complex, they embarked on a multimillion-dollar renovation that would transform the former division of ITT and Bear Stearns data center into a Class A office campus. As of today, the three revitalized and re-branded office buildings offer 525,000 square feet of space. Last year, the partnership acquired a larger, four-building office campus in Warren, N.J.
The Crossings sits on 65 acres and comprises Building 200, a 150,500-square-foot completely rebuilt asset that features a new entry and lobby, fitness center, cafeteria and common areas. The other assets are the 178,025-square–foot Building 300 and 177,873-square-foot Building 400. Both feature new roofs and refurbished common areas. The complex also includes The Powerhouse, an 11,000-square-foot, stand-alone amenities center that served as a powerhouse structure and now includes a cafe with indoor and outdoor seating, a business lounge and a 2,300-square-foot, state-of-the-art fitness center. Additionally, the campus offers a 1.2-mile walking/biking trail with bike sharing station and storage, abundant parking and lush landscaping.
“Within the suburban New Jersey office market, there are certain well-located properties that have great potential to be remade into second-generation Class A assets. We recognized The Crossings is a great example of a property that could be modernized through strategic investment into improvements,” Rubenstein Partners Principal & Mid-Atlantic Regional Director Stephen Card said in a prepared statement.
Neighborhood amenities include restaurants, parks and Morristown Airport, which is located within walking distance. Jersey City is a 30-minute ride away, and the property faces Interstate 287, offering easy access to Interstate 78, Route 24 and Route 10. Transportation is facilitated by two bus stations situated adjacent to the campus. Tenants include Arthur J. Gallagher 7 Co., PSKW, WithumSmith+Brown, JP Morgan Chase and Lord Abbet.
Images via The Crossings’ website