PARSIPPANY — A joint venture partnership between affiliates of Vision Real Estate Partners and Rubenstein Partners, L.P. announced that Reckitt Benckiser Group, a multinational consumer goods company, has expanded and extended a new 187,500-square-foot, long-term lease at LATITUDE. The owners recently transformed the 700,000-square-foot campus into a next-generation, holistic workplace with an East Coast to West Coast design theme that features collaborative spaces inspired by cities from across the U.S.
Since acquiring the 35-acre, two-building campus, Vision and Rubenstein have set out to distinguish LATITUDE through the creation of a unique, hospitality-inspired environment featuring lifestyle experiences and state-of-the-art office space designed to meet employees’ work-life cycle.
“Work and life do not exist separately from one another, and our approach to redevelopment at LATITUDE is reflective of the growing preference for workplaces that mirror professionals’ dynamic lifestyles,” said Sam Morreale, founding and managing partner of Vision Real Estate Partners. “We are not just adding amenities – we are delivering a unique office experience that is setting a new standard for suburban office environments.”
LATITUDE features two, five-story symmetrical wings comprised of offices, meeting spaces, and lifestyle services and experiences. Both wings are connected through a central glass atrium that features 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 a distinct East Coast to West Coast flavor. The campus provides flexibility, productivity benefits and an environment mostly only seen in bespoke, single-tenant build-out campuses.
“We continue to see opportunity in rethinking well-located Class A suburban offices,” said Stephen Card, Director of Investments and Principal at Rubenstein. “Through thoughtful redesign and amenity programming, we are making desirable places for the suburban workforce and we continue to add value to our properties along with our partners.”
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 within 0.75 miles of 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.
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 click here.
Rubenstein Partners, L.P., founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S. Rubenstein Partners’ predecessor companies, The Rubenstein Company, LP and its affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 22 million square feet of office real estate assets throughout the United States. For more information click here.