Grosvenor and Vision Equities lease 150,500 s/f to Evonik in New Jersey

Grosvenor Investment Management (GIM) and Vision Equities, LLC have leased an entire 150,500 s/f building at 299 Jefferson Rd. to Evonik Degussa Corp. Vision Equities negotiated the Evonik lease on behalf of the ownership. Built in 1985, 299 Jefferson Rd. is located near the intersection of Interstates 80 and 287 and is surrounded by corporate neighbors such as HSBC, Realogy, ADP, Novartis, State Farm Insurance, Deloitte & Touche, AIG, Pfizer, Lexus and PNY Technologies. Morris County is New Jersey's strongest suburban office market and home to the greatest concentration of Fortune 500 companies in the state. GIM acquired the building in 2007 on behalf of a public pension fund. GIM and Vision Equities are in the process of a building renovation that will include updating the atrium lobby and cafe, installing a new fitness center, updating restrooms, and replacing the roof. Improvements also will be made to the mechanical and HVAC equipment, common areas, elevator cabs, and life safety systems. "We are very pleased to commence a long-term lease with a prestigious tenant like Evonik," said Judy Wisniewski, senior director of GIM. "At 299 Jefferson, Evonik will enjoy build-to-suit quality at rates well below the cost of new construction." Fred Arena, managing partner and COO of Vision Equities said, "In addition to providing Evonik with a value and quality opportunity, we were able to develop a sustainability and operating plan that will provide the company with long-term savings."