Vision Real Estate Lands New Jersey Lease

Real Estate

Accounting and consulting firm Meisel, Tuteur & Lewis P.C. has signed a 22,000-square-foot long-term lease at 105 Eisenhower Parkway in Roseland, N.J. The owner is Vision Real Estate Partners, according to CommercialEdge data. JLL represented the tenant and Newmark worked for the ownership.

MTL is relocating from the nearby 101 Eisenhower Parkway. Both buildings are part of the 608,545-square-foot, three-building Eisenhower/280 Corporate Center. The 220,000-square-foot 105 Eisenhower Parkway last changed hands in 2016 for $7 million, as part of a larger $42.8 million portfolio transaction for the whole business park, CommercialEdge information shows. In 2021, the asset became subject to a $26 million loan from Wells Fargo Bank, according to the same source.

Completed in 2001, the building rises four stories and features 55,000-square-foot floorplates. The new space was custom-built for MTL and designed by Rotwein and Blake architects. The property is anchored by law firm Chiesa Shahinian & Giantomasi P.C., occupying 120,000 square feet. Other tenants include Murnick Real Estate Services, along with various law firms, the same source shows.

Located near Interstate 280, 105 Eisenhower Parkway is roughly 22 miles west of New York City. It is also some 15 miles from the Newark Liberty International Airport.

New Jersey rates rise

JLL Senior Managing Director David Stifelman and Executive Managing Director Tim Greiner represented the tenant in the transaction. The owners were represented by Newmark Senior Managing Director Jeff Kolodkin.

As of November, listing rates in New Jersey clocked in at $35, representing a 4.8 percent increase year-over-year, according to a recent CommercialEdge report. The vacancy rate in the market rose by 1.9 percent over 12 months, reaching 19.4 percent—above the 18.2 percent national figure, the same source shows.

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