Vision Real Estate JV Lands Renewal at 700 KSF New Jersey Campus
- Jan 10, 2020
Reckitt Benckiser Group has expanded and extended a new 187,500-square-foot, long-term lease at Latitude, a 700,000-square-foot office campus in Parsippany, N.J.
The owners, Vision Real Estate Partners and Rubenstein Partners, acquired the 35-acre property in 2018, with an acquisition loan of $97 million secured by NKF. The joint venture invested in upgrades and capital improvements, also adding collaborative spaces and new amenities. Constructor and developer Skanska, real estate company SJP Properties, as well as insurance brokerages CRC and Negley Associates, are also on the campus’ tenant roster.
The Class A property encompasses two five-story buildings. The west building includes 88,100-square-foot floor plates, while the east one has 78,000-square-foot floor plates. The campus also has a multi-level parking garage, as well as additional ground-level parking spots.
Located at 369 and 389 Interpace Parkway, the asset is close to interstate 80 and 287. Jannarone Park is nearby and the surrounding area offers various retail options, including Morris Hills Shopping Center, which is roughly 2 miles away. The suburban campus is located in a dense office market: According to Yardi Matrix data, there is more than 14 million square feet of office space within a 3-mile radius of the property.