Santander Bank, N.A. has provided a $54m construction loan to Vision Real Estate Partners and Rubenstein Partners for the development of MetLife’s new office campus in Morris County, New Jersey.
Three-year floating rate loan backs the development of the 185,000 sq ft headquarters at 67 Whippany Road, which broke ground in April of this year.
The developers sold the latter parcel to Bayer, which will custom-build its space, while MetLife is understood to have signed an initial 15-year triple-net lease.
Total projects at the site will total nearly 1.1m sq ft in corporate space, replacing the 1.4m sq ft of Alcatel-Lucent offices existing when the partnership acquired the campus in 2010 that were deemed obsolete.
The MetLife facility will feature an open floor plan with collaborative workspaces and breakout rooms, a town hall, fitness center, employee food court and café. It will offer approximately 4.5 parking spaces per 1,000 feet of rentable area.
A Cushman & Wakefield team of John Alascio, David Bernhaut, Alex Hernandez and John Spreitzer represented the borrower.