By Ioana Neamt
New York—Rubenstein Partners joined forces with Vision Real Estate Partners to acquire Warren Corporate Center, a four-building, 820,000-square-foot office asset in Warren, N.J., from Northwestern Mutual Real Estate.
The $136 million transaction was arranged by a CBRE team comprising Jeffrey Dunne, Kevin Welsh, Brian Schulz and Jeremy Neuer. Jim Gunning and Donna Falzarano of CBRE’s Debt & Structured Finance Group also secured a $123 million term loan—a portion of which is available for future tenant improvements and leasing commissions.
“We focus on value-added investments in the office sector, and we believe that, together with our partner Vision Real Estate Partners, we can significantly improve the appeal of Warren Corporate Center while increasing and diversifying its occupancy,” Stephen Card, principal & regional director of Mid-Atlantic operations for Rubenstein Partners, said in prepared remarks.
Situated on a 176-acre site in northern New Jersey, directly off the I-78, Warren Corporate Center is a five-building, 4-story office campus originally developed as the headquarters of Lucent Technologies back in 1996. Citibank leased the property in 2004 and invested in amenity and infrastructure upgrades.
Warren Corporate Center incorporates a plethora of amenities, including three fitness centers, three full service cafeterias, a day care center, and 4/1,000 square-foot parking. The property offers easy access to I-287, Routes 202/206 and Route 22.
“The acquisition of Warren Corporate Center provides Vision and Rubenstein with a premier office asset offering the opportunity to create a multi-tenant environment and potential for further modernization to meet the demands of today’s tenants,” Jeffrey Dunne noted. “Many businesses are seeking modern generation work environments that will attract and retain top talent.”
Image courtesy of Rubenstein Partners