Rubenstein Partners LP and Vision Real Estate Partners recently announced the sale of their joint venture Warren Corporate Center 100 and 200 office buildings in Warren, New Jersey, for just over $150 million.
Warren Corporate 100 and 200 are located at 287 and 291 King George Road with the combined area of the buildings totaling approximately 315,000 square feet of Class A- space. The buildings occupy 68 acres within the 176-acre Warren Corporate Center office park in Northern New Jersey, which is approximately 35 miles west of Manhattan.
The buyers are a partnership of Exan Capital and Mirabaud Group. JLL Capital Markets assisted with the transaction. Senior managing director of JLL Capital Markets, Kevin O’Hearn, joined colleagues Jaime Fink and Jose Cruz in representing the Rubenstein-Vision joint venture in the sale. Lucas Borges, Michael Johnson, and Matthew Pizzolato of JLL Capital Markets arranged finance on behalf of Exan Capital and Mirabaud Group by securing approximately $100.6 million in the form of a five-year, fixed-rate acquisition loan through New York Life Real Estate Investors.
Rubenstein Partners LP and Vision Real Estate Partners purchased the entire five-building, 820,000-square-foot Warren Corporate Center complex in 2016 for approximately $136 million. Since acquiring the property, Rubenstein Partners LP and Visual Real Estate Partners have diversified and increased its occupancy, and added Warren Hill — a 20,000-square-foot, standalone amenity center. Warren Corporate 100 and 200 were recently renovated and have been fully leased to Everest Reinsurance since Summer 2019.
Rubenstein Partners is the fund manager for a series of private equity funds focused on office investments throughout the United States.
Vision Real Estate Partners is a full-service real estate owner/operator, specializing in development, property management, asset management, and construction.
Exan Capital is an independent real estate fund manager with asset management services, primarily active in United States gateway markets and select European cities.
Mirabaud is an international banking and financial group based in Geneva, Switzerland
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
New York Life Real Estate Investors is a full-service, fully-integrated real estate enterprise headquartered in New York.
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