The basics:

• Oak Funding closes $80M refinancing for Latitude office campus in Parsippany
• Morris County property spans 524,859 square feet on 35 acres
• Loan retires debt and funds lease-up and capital improvements
• Campus now over 90% leased with major corporate tenants

A high-profile, Class A corporate office campus in Parsippany has secured an $80 million first mortgage refinancing.

Oak Funding LLC announced the funding for Latitude April 14.  The 524,859-square-foot property sits on 35 acres in Morris County. The New York-based bridge lender said the financing supports a joint venture between Rubenstein Partners and Vision Real Estate Partners of Mountain Lakes.

The loan will provide capital to retire debt as well as fund continued lease-up and enhancements efforts. It comes in the wake of several years of momentum, driven by on-site updates and attracting well-known tenants. The refi also arrives alongside a stimulated office market, as the sector continues to turn a corner following several years of disruption.

Oak Funding co-founder and Principal Jeremy Levart nailed the appeal of Latitude and campuses like it, describing it as “more than an office building.”

“[I]t’s a campus that tenants are actively choosing over competing options because of its amenity package and institutional quality,” he said. “The sponsor’s track record of execution at this specific property, taking it from 32% occupancy to over 90% while attracting investment-grade tenants who have invested millions of their own capital into their spaces, gave us strong conviction in this financing.”

A closer look at Latitude

Latitude supports a diverse roster of occupants, including Gilead Sciences, Lysol maker Reckitt, Mead Johnson, Essential Homes and Sax LLP. Avis joined the lineup in 2023, after purchasing a 155,000-square-foot condo interest and relocating its headquarters from about 4 miles across town. NAIOP New Jersey recognized that transaction, which retained 600 jobs here, as an Office Deal of the Year finalist that same year.

Located at 369-399 Interpace Parkway, the campus features more than 30,000 square feet of shared amenity spaces and sits within the larger Morris Corporate Center. Formerly known as Morris Corporate Center IV, JV ownership acquired the sites in 2018. It offers direct access to Interstates 80 and 287, as well as Routes 46 and 202. An NJ Transit Bus also provides service from the building to New York.

Over the past two years, Rubenstein said Latitude has recorded four new leases, totaling 90,835 square feet, and three renewals for a collective 99,963 square feet.

The trophy property comprises the two five-story buildings connected through a central glass atrium. The space features city-themed design transitions with artistic elements and diverse dining options. According to Oak Funding, the effect offers a distinctive tenant experience typically associated with bespoke, single-tenant campuses. 

A Cushman & Wakefield debt team comprised of Executive Director Chuck Kohaut, Vice Chair Brad Domenico, Executive Managing Director Alexander Hernandez and Senior Financial Analyst Jack Subers arranged the transaction, Oak Funding said.

According to Rubenstein Partners, the deal includes initial upfront funding of $55 million and an additional $25 million in future advances. “This financing allows us to pay off the previous loan while positioning LATITUDE for its next phase of growth as we continue to execute our long-term plan for the campus and deliver an exceptional workplace experience for our tenants,” said Rubenstein Partners’ Jack Sula.

Vision founder and Managing Partner Sam Morreale said continued capital markets support underscores a “position as a premier property in the Northern New Jersey office market.”

Changing landscape

Looking back at the first quarter of 2026, JLL Executive Managing Director Timothy Greiner said, “The headline here is that we’re finally seeing some real traction in New Jersey’s office market.”

Leasing activity (584,000 square feet in Q1), along with the removal of 2 million square feet of obsolete inventory, have helped turn that tide, according to JLL’s Q1 2026 office report.

“Four straight quarters of positive absorption and more than half a million square feet absorbed in Q1 alone tells us that companies are still making decisions, still committing to space, but they’re being very selective about what they take,” Greiner noted.

JLL noted leasing at Class A spaces – like Latitude – accounted for approximately 90% of absorption in the first quarter of the year. Beyond attracting tenants, these spaces also attract higher rents. Greiner said highly amenitized “newest and best buildings” draw rates nearly 20% above the broader Class A subset.

Looking ahead, Greiner said, “For the rest of the year, I don’t expect a dramatic shift. We’ll likely see steady, incremental improvement with vacancy grinding down slowly, rents holding firm or pushing slightly higher at the top end.”

According to Oak Funding, it originated approximately $320 million in financing in 2025. And it continues to deploy capital across commercial real estate classes nationwide.

“We see significant opportunity in best-in-class suburban office products where most lenders have pulled back,” said principal Levart.