Vision RE acquires 150k sqf office tower in Morristown, NJ

1776 On The Green, a 150,000 sqf office tower in Morristown, N.J. has been purchased by Vision Real Estate Partners in a $32 million transaction. Located at 67 Park Place East, the 10 story structure is situated on the Morristown Green at the corner of Speedwell Avenue. Built in 1973 and continually updated through its history, the asset is undergoing extensive interior upgrades its lobby and common area, creation of a third-floor amenity lounge with a coffee bar, flat-screen televisions and café-style seating. Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the recent trade on behalf of the seller, Deutsche Bank Asset Management.

“We have established a deep suburban foothold around Morristown, and becoming part of this vibrant CBD has been part of our expansion goal for some time,” noted Vision Real Estate Partners’ Sam Morreale, founder and managing partner. “We immediately recognized 1776 On The Green as the right fit. This well-leased core asset holds historic significance and occupies a premier location on the Morristown Green. We will leverage our expertise as a proactive owner as we work to elevate the tenant experience and introduce unique amenities.”