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.

PARSIPPANY — The residual effects of COVID -19 are still negatively affecting the commercial market. During the three-year period from March 2020 to May 2023 most employees were forced to work from home. The pandemic forced business meetings to be held virtually through multiple online platforms. In the years leading up to COVID-19, many real estate professionals and appraisers predicted a virtual workforce, but COVID-19 seemed to make it occur overnight. Due to this, many office buildings remained unoccupied, and some have already been demolished for apartments and warehouse buildings.

Prior to COVID-19, Parsippany-Troy Hills Township had a very active 12,000,000 square feet of office space, second only to the City of Newark, with many companies having their corporate headquarters located in Parsippany. During the last two years, 20 office buildings containing over 3,000,000 square feet of office space were scheduled or already have been demolished. One of these buildings, 8 Wood Hollow Road, was recently converted into a 101-room boutique hotel – Troy Hotel. In addition, over 2,000 new luxury apartments including PARQ, The Lexica, The Lawrence, District 1515, Ballentine Greens and Avalon Bay have either been completed or are under construction on vacant sites where office buildings once stood. There are seven warehouse buildings containing over 1,100,000 square feet, that are also planned or nearing completion on sites previously used as office space. There is even a Topgolf under construction which is scheduled to open June 2026, on Route 46 East where two office buildings once stood. In addition, over the last 12 months the Township Council approved numerous properties to be “In Need of Redevelopment”, eight of which were buildings containing over 600,000 square feet of office space.

This reduction in office space has also had a direct effect on the hotel market. With most meetings now being held virtually, in-person meetings have been reduced significantly, therefore there is less reason for business travelers to rent hotel rooms. Hotel occupancy rates have seen an increase since 2020 but they are still lower than pre–COVID-19 occupancy rates.

During the past year many companies have been requiring their employees to Return-To-Work (RTW). Some private companies are also beginning a hybrid schedule, with employees working 3 to 4 days in the office and one or two days from home. As of today, most New Jersey State office employees are required to work three days in the office and two from home. Companies like AT&T, Goldman Sachs, JP Morgan, Tesla, Amazon, Home Depot, PNC Bank and others are going a step further requiring their employees to return to the office for the full five-day work week. Company executives feel that a return-to work policy will help boost employee productivity, while also allowing longer term employees the chance to mentor new employees. This new work schedule will eventually have a positive effect on the office market.

During COVID-19 (March 2020 to May 2023) the retail market was also hit hard since most of the retail shopping was done online. Many regional malls have already been forced to close and many more are having problems. This has led to the rise in the warehouse market, which explains why so many new warehouse buildings are being built. Major retail companies use local warehouses to store popular inventory closer to consumers. This is where the term “Last mile Delivery” came from. Some warehouses are being branded as Modern Logistic Facilities. They begin as National warehousing, then Regional warehousing and finally Urban warehousing which are located near consumers for the final delivery point. Many retailers are now guaranteeing overnight delivery, so it is very important that they have storage facilities in close proximity to consumers. New planned or under construction warehouse buildings, located in Parsippany, having a total square footage of over 1,114,000 are listed below on sites where office buildings are listed below on sites where over 1,101,000 square feet of vacant office buildings once stood.

1 Hilton Court was a 172,000 square foot office building constructed in 1990 and was occupied by Diachii Sanko pharmacy company. It has been demolished, and a new 122,664 square foot warehouse building is nearing completion to be occupied by US Auto Force.

7 Campus Drive was a 154,395 square foot office building constructed in 1982 and was occupied by Nabisco Brands in the 1990’s. It has now been demolished for a new 128,150 square foot warehouse building.

9 Sylvan Way was a 60,111 square foot office building constructed in 1983. It has been demolished for a new 67,219 square foot warehouse building.

3 Century Drive was a 71,941 square foot office building constructed in 1981. It has been demolished for a new 64,800 square foot warehouse building.

8 Lanidex Plaza was a 56,230 square foot office building constructed in 1980 and was previously occupied by Silox. It has been demolished for a new 140,031 square foot warehouse building.

169 Lackawanna Avenue was a 256,750 square foot office building constructed in 2001 and was originally occupied by New York Life Insurance. It has been demolished for a new 281,198 square foot warehouse building.

4 Wood Hollow Road is a 329,940 square foot office building constructed in 1980 that was granted approval to demolish the building and build a new 310,168 square foot warehouse building.

In Parsippany-Troy Hills Township there have been a few bright spots in the office market with companies leaving older office buildings and moving into office buildings that offer employee amenities such as fitness centers, cafes etc. This trend is known as renovation driven leasing. These moves have accounted for the recent leasing of over 330,000 square feet of office space.

Some examples of these are:

8 Sylvan Way – B & G Foods leased 31,000 square feet and Day Pitney leased 56,000 square feet
3 Sylvan Way – Acrisure Insurance leased 42,800 square feet
5 Sylvan Way – Porzio, Bromberg, & Newman leased 39,600 square feet.
4 Campus Drive – Einhorn, Barbarito, Frost & Botwinik leased 26,700 square feet and Summit Financial expanded their office area to a total occupancy of 42,000 square feet.
1 Sylvan Way – PBF Holding Company expanded their lease to include a total of 69,200 square feet
9 Entin Road – Provident Bank leased 23,000 square feet.

Other highlights include:

1269 Route 46 – a new 67,000 square feet Topgolf facility is scheduled to open in June of this year.
8 Wood Hollow Road – was once a 50,700 square-foot office building and it has now been converted into a 101-room boutique hotel to be branded as Troy Hotel by Wyndham.
6A Sylvan Way – a 100,000 square foot Lifetime athletic club is currently under construction is scheduled to open in the second quarter of 2027.

Within the 25 square mile area of the Township, major highways intersect throughout the Township including Interstate 80, Interstate 287, Route 46, Route 10, Route 202 and Route 53. The Township offers easy access to major highways for companies looking to move to Parsippany -Troy Hills which has resulted in recent commercial growth.

Cassese, who has more than 47 years of experience in tax assessment and real estate appraisal, currently serves as the Tax Assessor for Parsippany-Troy Hills Township.

PARSIPPANY — Coyne Public Relations, a leading independent public relations firm with offices in at 5 Wood Hollow Road and New York, has been named a finalist for the prestigious PRSA Anvil Awards in the Best Mid-Sized Agency (Revenue $20M–$75M) category.

The recognition comes for the agency’s submission, “Coyne PR at 35: Independence, Impact and the Future of PR,” highlighting its continued growth, innovation, and leadership in the communications industry.

Celebrating 35 years of independence, Coyne PR has built a strong reputation for creativity, strategic thinking, and delivering results-driven campaigns. Founded in 1991, the agency has grown from humble beginnings in a college dorm room into one of the nation’s top independent public relations firms, now employing more than 150 professionals and operating within a global network spanning 49 countries.

A key factor in the agency’s success has been its unique “one profit center” model and best-team approach, allowing Coyne PR to remain agile and collaborative while focusing on achieving the best outcomes for its clients.

“This recognition is a testament to the strength of our people, our culture and our independence,” said John Gogarty, President of Coyne PR. “For 35 years, we’ve believed that if we create the best place to work, we’ll attract the best talent, and that talent will deliver the best work for our clients.”

In addition to the agency’s recognition, Coyne PR client partner Edible was also named a finalist in the Most Effective Campaign on a Shoestring Budget ($5,000 or less) category for its campaign, “Sound the Alarm: How Edible Turned a TV Moment Into Cultural Buzz,” further demonstrating the firm’s ability to deliver impactful results across a variety of budgets.

Winners of the PRSA Anvil Awards—widely regarded as the “Oscars of the public relations profession”—will be announced at the annual ceremony on May 14 in New York City.

For more than 75 years, the Anvil Awards have recognized excellence in public relations, honoring the industry’s highest standards of performance and innovation.

Coyne PR continues to stand out as a leader in the evolving communications landscape, with more than 1,000 industry awards earned for its creative and strategic work on behalf of clients around the world.

PARSIPPANY — Get ready to slice into some fun as the community comes together for the upcoming Parsippany Pizza Challenge, a delicious event celebrating local pizzerias, friendly competition, and community spirit.

Local pizza shops will go head-to-head, showcasing their best pies for the People’s Choice Award. Attendees will have the opportunity to sample a variety of pizzas and vote for their favorites.

The event is scheduled for Friday, May 29, 2026, from 6:30 p.m. to 9:00 p.m., at the Parsippany Police Athletic League, where six local pizzerias will compete for top honors and community bragging rights.

Hosted by the Kiwanis Club of Greater Parsippany, the event will feature:

• Family-friendly activities
• Local vendors and community organizations
• Opportunities to meet and support local business owners

Proceeds from the event will benefit local initiatives supporting youth and community programs.

Businesses interested in participating or sponsoring the event are encouraged to get involved. For more information or to participate, contact Frank Cahill at [email protected].

Additional details will be announced as the event approaches.

PARSIPPANY — Mayor Pulkit Desai joined business leaders, community members, and company representatives to celebrate the grand opening of Solabia’s new North American Research & Development Laboratory and Customer Experience Center on Friday, March 27.

Located at the company’s Parsippany headquarters, 2 Cranberry Road, the state-of-the-art facility highlights Solabia’s commitment to innovation, scientific advancement, and customer collaboration. The event featured tours of the laboratory, interactive demonstrations, and opportunities for attendees to engage with the company’s cutting-edge research and development initiatives.

“Welcome to Parsippany, and congratulations to Solabia USA on the grand opening of its North American R&D Laboratory and Customer Experience Center,” said Nick Rafanello, member of the Parsippany-Troy Hills Economic Development Committee. “Investments like this strengthen our local business community and further position Parsippany as a premier destination for innovation, growth, and long-term success.”

Mayor Desai praised Solabia’s continued investment in Parsippany, noting that projects like this strengthen the township’s position as a hub for innovation and economic growth.

The new center is designed to enhance Solabia’s ability to develop advanced solutions while providing clients with a hands-on experience in exploring the company’s capabilities.

The grand opening marks another milestone in Parsippany’s ongoing efforts to attract and support forward-thinking businesses. Township officials and community leaders welcomed Solabia’s expansion and expressed optimism about the positive impact it will have on the local economy.

We wish Solabia continued success in Parsippany and beyond.