Rubenstein, Vision Secure $80M Office Campus Refi

April 17, 2026

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The joint venture partners have boosted occupancy to more than 90 percent.

LATITUDE, a two-building Class A office campus in Parsippany, N.J. Joint venture partners Rubenstein Partners and Vision Real Estate Partners have secured an $80 million refinancing loan for the trophy office complex. *Image courtesy of Rubenstein Partners and Vision Real Estate Partners*

Rubenstein Partners and Vision Real Estate Partners have refinanced the two-building, nearly 700,000-square-foot, Class A LATITUDE office complex in Parsippany, N.J., with an $80 million loan from Oak Funding and OakNorth Bank. The financing retired existing debt and featured an initial upfront funding of $55 million with an additional $25 million in future advances.

Located on 35 acres at 369-399 Interpace Parkway, the Morris County trophy office property has seen strong leasing momentum over the last two years, boosting occupancy from 32 percent to more than 90 percent. The leasing activity includes four new leases for 90,835 square feet and three renewals for 99,963 square feet. In 2022, Rubenstein and Vision sold a 155,000-square-foot condo interest to Avis Budget Group, which currently serves as the rental car company’s U.S. headquarters.

Major tenants include Gilead Sciences, which occupies 96,392 square feet, and commercial property insurance firm FM Global, which leases 60,621 square feet. Other office tenants include SJP Properties, Sax Wealth Advisors, Melinta Therapeutics, Skanska and Reckitt, a multinational consumer goods company. Reckitt renewed its 187,500-square-foot, long-term lease at LATITUDE in January 2020.

JV boosted campus amenities

Rubenstein and Vision acquired LATITUDE East and West, then known as Phases I and II of the Morris Corporate Center IV, in late 2017 in two separate transactions. Phase I was sold by a joint venture between Northwestern Mutual and SJP Properties and Phase II was purchased from a partnership between Intercontinental Real Estate Corp. and Ivy Realty. The twin five-story buildings were developed in 1999 and 2000, and each features approximately 350,000 square feet.

The joint venture partners immediately began renovating the buildings. Between 2020 and 2022, Rubenstein and Vision added more than 30,000 square feet of collaborative and recreational amenity space designed to support tenant engagement, wellness and productivity, consistent with evolving office building trends. They also constructed a glass atrium that connects the two buildings.

Amenities include multiple dining options, a conference center, two fitness centers, golf simulator and bar, pickleball court, private screen room and landscaped outdoor terraces and courtyards.

Jack Sula, acquisitions and asset management analyst at Rubenstein Partners, said in a prepared statement the refinancing reflects both the strength of the asset and continued demand for high-quality, amenitized office environments in well-located suburban markets. He said the transaction positions the property for its next phase of growth as the joint venture partners continue to execute their long-term plan for the campus.

The office campus is located along Interstate 80 and has direct access to I-287, Route 46 and Route 202. NJ Transit Bus Route 79, with service to Manhattan, stops in front of the building.

The transaction was arranged by Cushman & Wakefield’s Capital Markets team including Senior Director Chuck Kohaut, Vice Chairman Brad Domenico, Executive Vice Chairman David Bernhaut, Executive Managing Director Alexander Hernandez, Managing Director Frank Stanislaski, and Senior Analysts Bill Baunach and Jack Subers.

Rubenstein refinances Philly-area office complex

Last month, Rubenstein refinanced another suburban office campus—Chesterbrook, a 14-building, 1.1 million-square-foot property near Philadelphia—with a $127 million loan from Waterfall Asset Management’s real estate lending platform. The loan was provided through funds managed by Waterfall.

The recapitalization of the asset will facilitate the company’s long-term reinvestment plans for the office campus, located in the King of Prussia/Wayne submarket within the Greater Philadelphia region. Rubenstein acquired Chesterbrook in 2019 and invested more than $50 million in a capital improvement plan to upgrade the campus and the interior and exterior of the buildings.

Rubenstein’s upgrades included the development of “The Circuit,” an amenity hub featuring a food hall, meeting and collaboration spaces, outdoor gathering areas, a fitness center and coworking suite.