Santander Bank finances MetLife’s new Jersey headquarters

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.

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.

Screenshot 2015-09-29 at 4.35.48 PMThe MetLife building marked the launch of 67 Whippany Road’s 100-acre South Campus component, the 94-acre balance of which will houses Bayer Healthcare’s new 675,000 sq ft East Coast headquarters.

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.

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