PARSIPPANY, NJ-Educational publisher and media company Pearson's lease for the entire 150,000-sf 299 Jefferson Rd. is set to expire in another year, and the building's new owners are looking to reposition it as a multi-tenant property. As reported by GlobeSt.com, Grosvenor Investment Management and Vision Equities teamed up to buy the three-story, 22-year-old building in June for an undisclosed price.
“The building has historically been occupied by a single user as an institutional facility,” says Sam Morreale, managing partner of Vision Equities. “It is now available for the first time for multi-tenancy, and it is undergoing a capital improvement plan.”
And the new owners have tapped Geoffrey Schubert, Marc Trevisan and Craig Eisenhardt of CB Richard Ellis, Saddle Brook, NJ, to fill the space. Schubert had represented Vision Equities and GIM in the recent acquisition of the property, while CBRE Capital markets' Jim Gunning represented seller Atrium Limited Partnership.
Located near the intersection of Interstates 80 and 287, the building's layout includes a 2,500-sf data center. The space is currently listed on CBRE's website as divisible to 40,608 sf with an asking price of $28.50 per sf. Corporate neighbors include HSBC, Realogy, ADP, Novartis, State Farm Insurance, Deloitte & Touche, AIG, Pfizer, Lexus and PNY Technologies.
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