NKF Capital Markets Arranges $97M Loan for NJ Office Asset

Rubenstein Partners teamed up with Vision Real Estate Partners to acquire a 700,000-square-foot building in Parsippany, N.J. The partnership plans to renovate the Morris Corporate Center through a capital improvements program.
Morris Corporate Center IV in Parsippany, N.J.
Morris Corporate Center IV in Parsippany, N.J.

Working on behalf of a joint venture between Rubenstein Partners and Vision Real Estate Partners, NKF Capital Markets has secured a $97 million loan for the acquisition of Morris Corporate Center East & West, two four-story trophy office buildings in Parsippany, N.J. ACORE Capital provided the financing, which includes funding for capital improvement upgrades.

The property is located at 300 Upper Pond Road, near the intersection of interstates 287 and 80, and about 30 minutes from New York City. Constructed between 2000 and 2001, Morris Corporate Center IV totals 702,707 square feet. The facility consists of two buildings interconnected by glass atrium lobbies with the ability to separate into four components. It was built as part of a master-planned, high-end corporate office development situated on 182 acres of superbly landscaped campus. The property features a fitness center, high-end finishes and a modern amenity package.

The NKF Capital Markets’ team included Vice Chairmen and Co-Heads of debt and structured finance Dustin Stolly and Jordan Roeschlaub.

“The proximity to major thoroughfares and airports, including Newark International Airport, dramatically increases the attractiveness of the property to prospective tenants and workforce talent,” Roeschlaub said in a prepared statement.

Last month, NKF named Anthony Orso as president of NKF Capital Markets Strategies, responsible for supporting the integration of Berkeley Point Capital with ARA, tworecently acquired companies. Additionally, the firm arranged a $26.6 million loan on behalf of The Buccini/Pollin Group for the acquisition and renovation of the 238-key, Orlando-area Hilton Melbourne Rialto Place.

Image courtesy of NKF Capital Markets