The New Jersey Chapter of NAIOP, the commercial real estate development association, has named Avis Budget Group’s 155,234-square-foot office at LATITUDE, a 35-acre, two-building campus in Parsippany, NJ owned by a joint venture partnership between Rubenstein Partners, L.P. and Vision Real Estate Partners as the 2023 office deal of the year.
The announcement was made at the NAIOP New Jersey 36th Annual Commercial Real Estate Awards Gala, held Thursday, May 18th, at The Palace at Somerset Park in Somerset, N.J.
In January 2023, Avis Budget Group, one of the country’s largest car rental agency holding companies, announced its relocation to a to LATITUDE, the state-of-the-art, 700,000-square-foot office complex owned by Rubenstein and Vision. Avis Budget Group was seeking a modern diverse experience for their new headquarters, and the unique, hospitality-inspired workplace at LATITUDE designed to foster a productive and dynamic work-life experience, was the ideal choice.
The creative office condominium transaction has resulted in the retention of 600 New Jersey jobs and brought significant financial benefits to the tenant, ownership, and the state. With this award, NAIOP New Jersey has now recognized the Avis Budget Group lease as the best office sector representative of positive real estate and economic development over the last year. Other parties involved in the deal including Newmark, CBRE, Charles Applebaum, Esq., Fox Rothschild, Greenbaum, Rowe, Smith & Davis LLP, and Giordano Halleran & Ciesla were also recognized as part of the award announcement.
“The Avis Budget Group lease has had an exceedingly positive impact on both the LATITUDE campus and the state’s economy, and we are proud that NAIOP New Jersey has named it the office deal of the year,” said Sam Morreale, founder and managing partner of Vision.
“We are honored to receive this prestigious office sector award from NAIOP,” added Stephen Card, Director of Acquisitions at Rubenstein. “This recognition is a testament to what the Avis Budget Group
transaction means to the New Jersey commercial real estate industry as well as how LATITUDE has created a modern suburban office product that attracts the highest quality corporate users.”
Since acquiring the LATITUDE property in 2018, Rubenstein and Vision have transformed the 700,000-square-foot campus into a next-generation, holistic workplace with a design theme that features collaborative spaces inspired by cities across the U.S.
LATITUDE features two symmetrical five-story wings comprised of offices, meeting spaces, and lifestyle services and experiences. The wings connect through a new central glass atrium built by Vision and Rubenstein, featuring common areas, multiple dining options, fitness centers and city-themed spaces for collaboration. As employees travel from one end of the property to the other, they transition through “time zones” punctuated by artistic and design elements, as well as cuisine options with distinct regional flavors. The campus provides flexibility, productivity benefits and an environment usually seen in bespoke, single-tenant build-out campuses.
LATITUDE is centrally located in Morris County among a community of top corporate neighbors with direct access to retail and services. The property is located less than a mile from Exit 42B on Interstate 80 and can be accessed via Cherry Hill Road to Interpace Parkway from the east, and from Route 46 via Interpace Parkway from the north. The NJ Transit Bus Route 79, with service to Manhattan, stops directly in front of the building. For more information about the property or to tour available space, please visit https://latitudenj.com/.
About Rubenstein Partners
Rubenstein Partners is a Registered Investment Advisor and Fund Manager for a series of private equity funds focused on equity and debt office investments throughout the United States. The firm is vertically integrated and provides first-class investment services on behalf of its investor base, which consists of some of the nation’s preeminent public and private pension funds, university endowments and family offices. For more information, visit www.rubensteinpartners.com.
About Vision Real Estate Partners
Vision Real Estate Partners is a full-service real estate owner/operator, specializing in development, property management, asset management and construction. The firm is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Vision Real Estate Partners currently is developing or redeveloping more than 2 million square feet of space in its local market. The company has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities. Its Vision Management platform also currently oversees property management, financial reporting and overall operational supervision for nearly 1.5 million square feet of office space on behalf of multiple strategic partners. For more information, visitwww.visionrep.com.
