Warren Corporate Center sold to joint venture for 136M

A joint venture of Vision Real Estate Partners and Rubenstein Partners has purchased the Warren Corporate Center office complex for $136 million, according to real estate services firm CBRE Group Inc.CBRE said Tuesday in a news release that the five-building complex, comprising approximately 820,000 square feet, was sold by Northwestern Mutual Real Estate to the joint venture.

The Warren center, originally the headquarters of Lucent Technologies, is currently 81 percent leased to Citibank, CBRE said. Citibank, which fully leased the property in 2004, has terminated its lease on one of the buildings, enabling the property to shift from single-tenant to multitenant use, the real estate firm added.

“The acquisition of Warren Corporate Center provides Vision (Real Estate Partners) and Rubenstein with a premier office asset offering the opportunity to create a multitenant environment and potential for further modernization to meet the demands of today’s occupiers,” CBRE’s Jeffrey Dunne said in a prepared statement. “Many businesses are seeking modern-generation work environments that will attract and retain top talent.”

Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented Northwestern, along with Jeremy Neuer of the East Brunswick office. The team also procured the buyer, and Jim Gunning and Donna Falzarano of CBRE’s Debt & Structured Finance Group arranged a $123 million term loan as part of the transaction.