Everest Re Leases 315 KSF in Northern New Jersey
- Jul 18, 2019
Everest Reinsurance Co. has signed a 315,000-square-foot lease to relocate its U.S. headquarters to two buildings within a corporate campus in Warren, N.J. The firm will expand its footprint by more than 80,000 square feet, occupying 100 and 200 Warren Corporate Center Drive within the next 18 months.
The new premises within Warren Corporate Center will be renamed Everest Way. Vision Real Estate Partners and Rubenstein Partners, which acquired the five-building campus for $136 million in 2016, will build a four-story glass atrium to connect the two buildings at 100 and 200. The new atrium will feature accessible interior walkways on all floors and a reception area at the main entrance.
Bermuda-based Everest currently houses its U.S. operations at 477 Martinsville Road in Liberty Corner, a few miles west on Interstate 78. CBRE’s Eric Deutsch and Jeff Babikian represented Everest in the lease deal, while Robert Donnelly Sr. and Robert Donnelly Jr. of Cushman & Wakefield represented the building ownership.
Adding an amenities hub
The 176-acre Warren Corporate Center, providing around 820,000 square feet of office space, was originally built in 1996 as the headquarters of Lucent Technology. Citigroup fully leased the property in 2004 and made substantial improvements to the infrastructure and amenities.
As part of a repositioning effort, Vision and Rubenstein recently completed a 20,000-square-foot, standalone lifestyle center dubbed Warren Hill. Amenities of the building include an outdoor amphitheater, multi-function conference areas, a fitness center and indoor basketball court.
The northern New Jersey campus directly off I-78 is surrounded by walking trails and has four covered parking structures. Citigroup still occupies most of the campus and is undergoing a phased relocation, according to a statement by the ownership team. Vision and Rubenstein are marketing 510,000 square feet of available space in the property.
Last March, Vision and Rubenstein Partners bought up Phases I and II of the former Morris Corporate Center IV in Parsippany, N.J., adding 700,000 square feet of trophy quality office space to their holdings.