PARSIPPANY — A joint venture between Rubenstein Partners LP and Vision Real Estate Partners has successfully refinanced the two-building Latitude campus in Parsippany, securing an $80 million loan to support continued investment in the prominent office property.
The financing, provided by Oak Funding and OakNorth Bank, was used to retire existing debt on the 700,000-square-foot complex located at 369-399 Interpace Parkway. The transaction includes $55 million in upfront funding, along with an additional $25 million available through future advances.
Situated along Interstate 80, the amenity-rich campus has experienced strong leasing activity over the past two years, reinforcing its position as a sought-after office destination in northern New Jersey.
Cushman & Wakefield arranged the deal, led by Chuck Kohaut, Brad Domenico, David Bernhaut, Alexander Hernandez, Frank Stanislaski, Bill Baunach, and Jack Subers.
“The successful refinancing of Latitude reflects both the strength of the asset and the continued demand for high-quality, amenitized office environments in well-located suburban markets,” said Jack Sula of Rubenstein Partners. “This financing positions the campus for its next phase of growth as we continue to execute our long-term vision and deliver an exceptional workplace experience.”
Rubenstein and Vision originally acquired the two buildings in early 2018, formerly known as Morris Corporate Center IV East and West. The firms later connected the structures with a central glass atrium, creating a unified, modern campus designed to attract top-tier tenants.
Leasing activity has remained strong, with four new leases totaling 90,835 square feet and three renewals totaling 99,963 square feet over the past two years. In 2022, the ownership group also sold a 155,000-square-foot condominium interest to Avis for its U.S. headquarters.
Major tenants at the Latitude campus include Gilead Sciences, FM Global, Mead Johnson Nutrition, Essential Homes, and Sax Wealth Advisors, reinforcing the property’s appeal to top-tier corporate and professional firms.
“The continued support from the capital markets underscores Latitude’s position as a premier office property in northern New Jersey,” said Sam Morreale, founder and managing partner of Vision Real Estate Partners. “This refinancing allows us to build on our momentum and further enhance the tenant experience.”
Jeremy Levart, co-founder of Oak Funding, noted that the property stands out in a challenging office market due to its institutional quality and strong ownership.
“Our investment reflects confidence in both the asset and the sponsors, who have successfully increased occupancy from 32 percent at acquisition to over 90 percent,” Levart said.
With the new financing in place, the ownership group plans to continue enhancing the campus while maintaining its appeal to high-quality tenants.
