PARSIPPANY — The former Avis Budget Group corporate headquarters at 6 Sylvan Way has been demolished and is slated for redevelopment into a mixed-use project. The proposed development includes a Life Time Fitness center and 238 multi-family housing units.
The former building, constructed in 1981, was a four-story, Class A office space totaling 195,240 square feet. It was a prominent corporate address in Parsippany for decades before its recent demolition.
This redevelopment plan has become a focal point of discussion among local officials and residents, particularly surrounding financial agreements and potential tax implications associated with the project. Using a Payment in Lieu of Taxes (PILOT) program has raised questions about long-term impacts on community planning and municipal finances.
The property, now owned by Signature Acquisitions, will be divided to accommodate the residential units and the fitness center.
Avis Budget Group, the parent company of Avis Rent a Car, officially relocated its headquarters to LATITUDE at 379 Interpace Parkway on January 6, 2023. The company now occupies a 155,234-square-foot office at the 35-acre, two-building campus.
“We’re pleased to welcome Avis Budget Group to their new headquarters at LATITUDE,” said Stephen Card, Director of Acquisitions at Rubenstein. “We set out to create a modern suburban office product that attracts the highest quality corporate users, and, with recent transactions this year with Avis and Gilead Sciences, we continue to execute that business plan.”
