Latitude. Picture courtesy of Imaginative and prescient Actual Property
The Latitude workplace campus in Parsippany, N.J., has landed one other company tenant. The three way partnership between associates of Rubenstein Companions LP and Imaginative and prescient Actual Property Companions signed a lease with Avis Funds Group, which is able to take 155,234 sq. toes on the campus to function its new headquarters.
CBRE’s Jon Meisel and Joseph Sarno represented Avis Funds Group, whereas Newmark’s David Simson and Jaime Drummond represented the property proprietor.
The 35-acre Latitude campus was initially constructed from 1998 to 2001 however was later renovated between 2020 and 2021 by Rubenstein and Imaginative and prescient. Now, the almost 700,000-square-foot workplace property is break up up as two symmetrical five-story wings with workplaces, assembly areas, and customary areas which are all linked by a glass atrium. The workplace buildings’ facilities embody renovated cafes, tenant seating areas, health facilities, coaching and assembly areas with versatile layouts, out of doors seating, atrium lobbies, coated parking and a shared convention room.
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The three way partnership between Rubenstein and Imaginative and prescient acquired Latitude again in March 2018 from a partnership between Northwestern Mutual and SJP Properties. The brand new possession had plans to reposition the separate workplace buildings right into a holistic office linked by a glass atrium. Stephen Card, director of acquisitions at Rubenstein, mentioned in ready remarks that the three way partnership wished to create a contemporary workplace that will appeal to the very best high quality company customers.
Avis Funds Group might be beginning its occupancy construct out to relocate its headquarters to Latitude. The automotive rental company is relocating from its long-standing tenancy at 6 Sylvan Approach, additionally in Parsippany.
Attracting extra company tenants
Card additionally mentioned in ready remarks that Rubenstein is seeing a pattern of enormous company tenants making long-term commitments for high quality workplace area in its portfolio. In June, the biopharmaceutical firm Gilead Sciences signed a 96,300-square-foot lease throughout two flooring at Latitude’s 369 Interpace Parkway constructing, in keeping with a Actual Property NJ report. Previous to that, Rubenstein and Imaginative and prescient noticed Reckitt Benckiser Group develop and prolong its lease to a 187,500-square-foot long-term lease on the identical Parsippany workplace park in January 2020.
Farther south in New Jersey, the three way partnership additionally repositioned a 315,000-square-foot workplace campus in Warren, N.J. Rubenstein and Imaginative and prescient acquired Warren Company Heart in March 2016, with plans to institute an analogous transformative plan, ultimately promoting the workplace campus 5 years later for greater than $150 million.
