Bank of America has led the $123 million financing of Rubenstein Partners and Vision Real Estate Partners’ $136 million acquisition of the Warren Corporate Center in Warren, New Jersey.
The financing, arranged by CBRE’s Debt & Structured Finance Group, includes available future capital associated with tenant improvements and leasing costs at the 820,000 sq ft property, made up of five four-story buildings.
The property is currently 81% leased to Citibank. In a prepared statement the development team stressed “significant upside potential” that possible through “increasing and diversifying its occupancy.” One of the five buildings is currently available for lease.
“We focus on value-added investments in the office sector, and we believe that, together with our partner Vision Real Estate Partners, we can significantly improve the appeal of Warren Corporate Center,” said Stephen Card, a principal at Rubenstein Partners, in a statement.
The property was developed in 1996 as the headquarters of Lucent Technologies. In 2004, Citibank leased the property and upgrading its infrastructure with new power systems, supplemental cooling and new amenities. The on-site amenity base includes three full service cafeterias, three fitness centers, a day care center, and four 1,000 sq ft parking lots.
Bank of America is the administrative agent on the deal. Additional lenders could not be learned by press time.