Warren Corporate Center Changes Hands, Offers Space for New Tenants

Warren, NJ -- The Warren Corporate Center has new owners.

Vision Real Estate Partners and Rubenstein Partners purchased the office development containing more than 820,000 square feet across five, four-story buildings for $136 million.

CBRE Group, Inc., which specializes in the sale of investment properties in the suburban markets surrounding New York City, and around the United States, helped procure the sale.

Situated on a 176-acre site off of a full interchange on I-78, the corporate center was developed in 1996 as the headquarters of Lucent Technologies and in 2004 Citibank fully leased the property and substantially improved the infrastructure with fully redundant power systems,supplemental cooling, and enhanced the amenities.

Citibank, who currently leases 81% of the property, is terminating its lease on one of the five buildings which will provide and opportunity to shift from a single tenant headquarters environment towards a multi-tenant office park.

Warren Corporate Center offers an expansive on-site amenity base including three full service cafeterias, three fitness centers, day care center, and 4/1,000 square-foot parking (90% provided in adjacent structured parking) within a natural campus setting.

“The acquisition of Warren Corporate Center provides Vision and Rubenstein with a premier office asset offering the opportunity to create a multi-tenant environment and potential for further modernization to meet the demands of today’s occupiers," stated Jeffrey Dunne of CBRE in a release. "Many businesses are seeking modern generation work environments that will attract and retain top talent.”

CBRE Institutional Properties also has a number of local investment opportunities currently on the market including: 222/233 Mount Airy Road and 890 Mountain Avenue which are 59% leased in Basking Ridge and New Providence.