A joint venture partnership between Rubenstein Partners, L.P., and Vision Real Estate Partners secured an $80 million refinancing of LATITUDE, a 35-acre, two-building trophy office campus in Parsippany.
The new loan, provided by Oak Funding and Oak North Bank, retired the existing debt on LATITUDE and provides new capital to support the joint venture’s continuing business strategy for the Class-A property.
The financing includes an initial upfront funding of $55 million and an additional $25 million in future advances.
“The successful refinancing of LATITUDE reflects both the strength of the asset and the continued demand for high-quality, amenitized office environments in well-located suburban markets,” said Jack Sula at Rubenstein Partners.
“This financing allows us to pay off the previous loan while positioning LATITUDE for its next phase of growth as we continue to execute our long-term plan for the campus and deliver an exceptional workplace experience for our tenants.”
Cushman & Wakefield’s Capital Markets team of Chuck Kohaut, Brad Domenico, David Bernhaut, Alexander Hernandez, Frank Stanislaski, Bill Baunach and Jack Subers arranged the transaction.
The property has seen robust leasing activity over the last two years, including four new leases for 90,835 square feet and three renewals for 99,963 square feet.
In 2022, Rubenstein and Vision sold a 155,000-square-foot condo interest at LATITUDE to Avis, which currently serves as the company’s U.S. headquarters.
Major tenants leasing space at the property include Gilead, FM Global, Mead Johnson, Essential Homes and Sax Wealth Advisors.