PARSIPPANY, NJ—Vision Equities LLC has sold its interest in 299 Jefferson Road in Parsippany, N.J. to Cole Corporate Income Trust Inc. for $32.4 million. The 150,500-sq.-ft. class-A office property, which serves as corporate headquarters to Evonik Degussa Corp., will continue under Vision’s asset/property management.
Evonik signed a lease for the space in 2011, at which point Vision Equities built out a multi-million-dollar headquarters space for the specialty chemicals company. The build-out included a new three-story atrium, hardwood and granite finishes and upgraded landscaping and parking. In addition, the building’s mechanical systems were updated and a new fitness center and renovated cafeteria were added.
Based in Mountain Lakes, Vision Equities is an owner of core, value-add and opportunistic real estate. The company’s portfolio currently consists of 6 million sq. ft. of commercial space.