WARREN, N.J., March 29, 2016 –
Rubenstein Partners and Vision Real Estate Partners have acquired Warren Corporate Center in Warren, NJ, for $136 million in a transaction arranged by CBRE Group.
Rubenstein Partners and Vision Real Estate Partners have acquired Warren Corporate Center in Warren, NJ, for $136 million in a transaction arranged by CBRE Group, Inc. Warren Corporate Center is considered a best-in-class quality office development containing approximately 820,000 square feet across five, four-story buildings situated on a 176-acre site off of a full interchange on I-78.
“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,” said Stephen Card, Principal and the Regional Director of Mid-Atlantic for Rubenstein Partners.
“Warren Corporate Center is a distinctive property within the local market, and we believe it offers significant upside potential,” noted Vision Real Estate Partners’ Sam Morreale, Founder and Managing Partner. “This is what we do best. The Vision/Rubenstein partnership has a strong track record of transforming suburban properties into superior assets, applying our entrepreneurial approach and institutional pedigree to provide highly desirable real estate for tenants and providing high-quality ratables for New Jersey municipalities.”
The property is currently 81% leased to Citibank. One of the five buildings is currently available for lease, providing the opportunity to transition from a single tenant headquarters environment towards a multi-tenant office park. Warren Corporate Center benefits from an expansive on-site amenity base including three full service cafeterias, three fitness centers, day care center, and 4/1,000 square-foot parking – 90% of which is provided in adjacent structured parking – within a natural campus setting. Located directly off I-78 (Exit 36) with proximity to I-287, Routes 202/206, and Route 22, the property has excellent accessibility within a strong Northern New Jersey submarket that has recently seen leasing success.
Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties in collaboration with Jeremy Neuer of CBRE’s East Brunswick office represented Northwestern Mutual Real Estate in the transaction. The same team procured the Rubenstein/Vision joint venture as the buyer. Jim Gunning and Donna Falzarano of CBRE’s Debt & Structured Finance Group also arranged a $123 million term loan, a portion of which is available for future capital and tenant improvements and leasing commissions, led by Bank of America Merrill Lynch as administrative agent.
Mr. Dunne commented: “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. Many businesses are seeking modern generation work environments that will attract and retain top talent.”