Vision Tallies 315K SF Leases in First Half

MOUNTAIN LAKES, NJ–With 315,000 square feet in leasing during the first half of 2015, Vision Real Estate Partners says it is seeing strong demand within its northern New Jersey office portfolio. The activity reflects acceleration within the regional real estate market, according to Sam Morreale, founder and managing partner of the Mountain Lakes-based firm.

Vision Real Estate Partners' year-to-date transactional highlights included a 185,000-square-foot build-to-suit lease for MetLife at 67 Whippany Road in Whippany and a 51,210-square-foot commitment by Arthur J. Gallagher & Co. at The Crossings at Jefferson Park in Whippany.

As previously reported by GlobeSt.com, additional transactions included new leases by EuroImmun and Sloan & Company at Mountain Lakes Corporate Center in Mountain Lakes; and a new lease and renewal, respectively, by ADC Therapeutics and Fisher & Phillips at Mountain Heights Corporate Center in Berkeley Heights.

“The first six months of the year established excellent momentum,” says Morreale. “We are seeing requirements of all sizes spanning a range of industries. Across the board, tenants are looking for well-located, amenity-rich properties that enable them to attract and retain talent. Superior technology infrastructure and ample parking also are critical for winning commitments in today's market.”

Morreale says tenant fit-outs are increasingly focused on collaboration and lifestyle.

“The new workforce favors open spaces with low-profile partitions, a variety of gathering areas for intimate or large-scale meetings, and onsite conveniences like cafes and fitness centers,” he says. “The properties that can accommodate and deliver these requirements are positioned to capitalize on the market's growing momentum.”