Vision Real Estate Lands New Jersey Lease

Accounting and consulting firm Meisel, Tuteur & Lewis PC 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 involving the whole business park, CommercialEdge information shows.

Completed in 2001, the building rises four stories and features 55,000-square-foot floorplates. MTL will occupy a custom-built space that was designed by Rotwein and Blake architects. Law firm Chiesa Shahinian & Giantomasi PC anchors the property under a 120,000-square-foot lease. Other tenants include Murnick Real Estate Services, along with various law firms, according to the same source.

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.