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MOUNTAIN LAKES, NJ-A joint venture of Grosvenor Investment Management and the locally based Vision Equities is getting ready to spend $5 million on capital improvement to redevelop two class A office assets they’ve acquired in the past year. Of that total, $4 million will be spent at Mountain Lakes Corporate Center, an 18-acre campus acquired from TIAA-CREF for $15.2 million in early 2007.

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

The makeover at Mountain Lakes will include an entirely new facade, new building systems and a new two-story atrium lobby. GIM and Vision are also marketing a build-to-suit site adjacent to the two existing buildings, approved for a one- or two-story 65,000-sf companion building, according to Sam Morreale, managing partner of Vision Equities. “It serves the Parsippany market, but is located just outside of Parsippany in a tranquil residential environment,” he says.

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

GIM and Vision Equities will spend $1 million to update the commons areas and various systems of the building, which is entirely available for lease. “It provides a corporate user with build-to-suit quality at rates well below the cost of new ground-up construction,” says Judy Wisniewski, senior director at GIM. “This capital improvement plan will significantly enhance the property’s curb appeal.”

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

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