JLL Capital Markets said June 17 it closed the $150.25 million, $477-per-square-foot sale and $100.59 million financing of Warren Corporate Center 100 and 200–two Class A office buildings totaling 315,086 square feet in Warren.
JLL marketed the property on behalf of the seller, a joint venture between affiliates of Rubenstein Partners LP and Vision Real Estate Partners. A partnership between Exan Capital and Mirabaud Group purchased the property with assistance from a five-year, fixed-rate acquisition loan secured by JLL through New York Life Real Estate Investors.
“Thanks to the JLL team we were able to acquire this property and continue with our strategy to provide Class A yielding properties to our investors,” said Ignacio Gil-Casares, partner at Exan Capital. “The quality of the asset, the length of the lease and the credit of the tenant is the perfect fit for the current portfolio we are building up with our partners at Mirabaud. We will continue with our aggressive plan of acquisitions of single and multi-tenant office and industrial properties during the upcoming months.”
Warren Corporate Center 100 and 200 is positioned on 68 acres within the larger five-building, 176-acre Warren Corporate Center in Somerset County. The property is located directly off of Interstate 78, offering convenient access to New York City and Newark Airport in under an hour. Additionally, Warren Corporate Center is in close proximity to the New Jersey Transit commuter rail station.
Recently renovated, Warren Corporate Center 100 and 200 are 157,543-square-foot, four-story buildings with average floorplates of 39,400 square feet. The properties have covered parking for more than 1,200 vehicles and access to the campus amenities, which include a variety of walking trails, a pond with amphitheater seating and an impressive amenity building, Warren Hill, that features a state-of-the-art fitness center, full-service cafeteria, basketball court and conference area.
The property is fully leased to a single tenant, Everest Reinsurance Co., a leading global reinsurance and insurance organization, which was founded as Prudential Reinsurance, a subsidiary of Prudential Financial.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jaime Fink, Kevin O’Hearn and Jose Cruz.
“Warren Corporate Center generated tremendous investor interest given the high demand for single-tenant credit properties from both domestic and foreign investors,” O’Hearn said.
JLL’s Capital Markets team leading the financing efforts included Director Lucas Borges, Senior Director Michael Johnson and Director Matthew Pizzolato.
Exan Capital was represented in the transaction by Gil-Casares and Arturo Vinueza, vice pA partnership between Exan Capital and Mirabaud Group purchased the property with assistance from a five-year, fixed-rate acquisition loan secured by JLL through New York Life Real Estate Investors.resident, Investments.l