Barclays Buys The Crossings At Jefferson Park For $69M
Barclays Capital this week snapped up the 525K SF Crossings at Jefferson Park in Whippany from Vision Real Estate Partners and Rubenstein Partners for $69M.
The sale culminates the multimillion-dollar revitalization and rebranding of the 65-acre campus, which the JV partners purchased in 2013 to redesign with health, wellness and sustainability in mind. The property is at 115 South Jefferson Road.
Barclays is the anchor tenant at the property, which comprises three buildings also occupied by tenants like JP Morgan Chase, Lord Abbett, Arthur J. Gallagher, PSKW and WithumSmith+Brown. All three buildings were renovated into Class-A space and emphasize collaborative workplaces.
As part of the project, Vision and Rubenstein also completed the adaptive reuse of the former powerhouse structure into a stand-alone amenities center called The Powerhouse, an 11K SF building that provides gourmet food services, indoor and open-air seating, a multi-function business lounge and a health and wellness center. The structure is close to the Crossings' bike-share station and bike storage, which give tenants access to 1.3 miles of pedestrian and bicycle trails that connect to the nearby Patriots Path.
JLL's Tom Walsh and Joe Garibaldi represented the sellers, while JLL's Dan Loughlan and Scott Lesh represented the buyer.
The Crossings is the second major suburban New Jersey office revitalization Vision and Rubenstein have completed in Whippany. Last year, they wrapped up the repositioning of the 194-acre former Alcatel-Lucent campus at 76 Whippany Road, which now houses Bayer Healthcare's East Coast HQ and MetLife Investments' global HQ. The two projects represent $500M in total investment.
