TIAA-CREF

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The complex consists of the 49,500-sf Mountain Lakes I,currently 100% leased to Pinnacle Foods and Omnova Solutions. Andthe 63,500-sf Mountain Lakes II, built in 1981, was until recentlyoccupied mostly by Computer Horizons, which has substantiallydownsized, paving the way for a major repositioning by GIM andVision.

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The makeover at Mountain Lakes will include an entirely newfacade, new building systems and a new two-story atrium lobby. GIMand Vision are also marketing a build-to-suit site adjacent to thetwo existing buildings, approved for a one- or two-story 65,000-sfcompanion building, according to Sam Morreale, managing partner ofVision Equities. "It serves the Parsippany market, but is locatedjust outside of Parsippany in a tranquil residential environment,"he says.

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The other asset is the nearby, three-story 150,000-sf 299Jefferson Rd., acquired by the JV partners from Atrium LimitedPartnership in mid-2007 for an undisclosed price.At the time of acquisition, 299 Jefferson was occupied byeducational publisher Pearson with a lease expiring in 2009, butthat tenant has already left the building.

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GIM and Vision Equities will spend $1 million to update thecommons areas and various systems of the building, which isentirely available for lease. "It provides a corporate user withbuild-to-suit quality at rates well below the cost of new ground-upconstruction," says Judy Wisniewski, senior director at GIM. "Thiscapital improvement plan will significantly enhance the property'scurb appeal."

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Geoffrey Schubert, Marc Trevisan and Craig Eisenhardt of CBRichard Ellis, Saddle Brook, have the exclusive for 299 JeffersonRd. The space, in floor plates of 40,000 sf to 55,000 sf, iscurrently listed with an asking price of $27.50 per sf.

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