Rubenstein, Vision Real Estate Ink 155 KSF Lease

Latitude. Image courtesy of Vision Real Estate

The Latitude office campus in Parsippany, N.J., has landed another corporate tenant. The joint venture between affiliates of Rubenstein Partners LP and Vision Real Estate Partners signed a lease with Avis Budget Group, which will take 155,234 square feet at the campus to serve as its new headquarters.

CBRE’s Jon Meisel and Joseph Sarno represented Avis Budget Group, while Newmark’s David Simson and Jaime Drummond represented the property owner.

The 35-acre Latitude campus was originally built from 1998 to 2001 but was later renovated between 2020 and 2021 by Rubenstein and Vision. Now, the nearly 700,000-square-foot office property is split up as two symmetrical five-story wings with offices, meeting spaces, and common areas that are all connected by a glass atrium. The office buildings’ amenities include renovated cafes, tenant seating areas, fitness centers, training and meeting areas with flexible layouts, outdoor seating, atrium lobbies, covered parking and a shared conference room.

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The joint venture between Rubenstein and Vision acquired Latitude back in March 2018 from a partnership between Northwestern Mutual and SJP Properties. The new ownership had plans to reposition the separate office buildings into a holistic workplace connected by a glass atrium. Stephen Card, director of acquisitions at Rubenstein, said in prepared remarks that the joint venture wanted to create a modern office that would attract the highest quality corporate users.

Avis Budget Group will be starting its occupancy build out to relocate its headquarters to Latitude. The car rental agency is relocating from its long-standing tenancy at 6 Sylvan Way, also in Parsippany.

Attracting more corporate tenants

Card also said in prepared remarks that Rubenstein is seeing a trend of large corporate tenants making long-term commitments for quality office space in its portfolio. In June, the biopharmaceutical company Gilead Sciences signed a 96,300-square-foot lease across two floors at Latitude’s 369 Interpace Parkway building, according to a Real Estate NJ report. Prior to that, Rubenstein and Vision saw Reckitt Benckiser Group expand and extend its lease to a 187,500-square-foot long-term lease at the same Parsippany office park in January 2020.

Farther south in New Jersey, the joint venture also repositioned a 315,000-square-foot office campus in Warren, N.J. Rubenstein and Vision acquired Warren Corporate Center in March 2016, with plans to institute a similar transformative plan, eventually selling the office campus five years later for more than $150 million.