The ground-up development of a 19,000-square-foot, stand-alone amenity hub at Warren Corporate Center in Warren marks Vision Real Estate Partners and Rubenstein Partners latest experiential workplace benchmark. With construction now underway, the joint venture partnership is continuing its track record of creating lifestyle related amenities to support todays cross-generational workforce.
Contemporary lines, luxury finishes, collaborative open spaces and an abundant use of glass will maximize natural light throughout the new, state-of-the-art amenity building. Tenants will have access to high-end, indoor and patio dining; multi-function conference areas; a fitness center with locker rooms; and a full basketball court.
A green roof will provide sustainability and unify the projects multi-level, indoor/outdoor design with seating and event space for social and business gatherings. At the same time, an outdoor amphitheater and walking paths will surround a bucolic pond. Construction now underway is scheduled to be completed by mid-2018.
The work/play theme at Warren Corporate Center responds to a growing demand for quality accommodations and quality of life, noted Ross Chomik, managing partner of Vision Real Estate Partners. The contemporary corporate campus and office environment has changed, and tenants recognize the inherent value of amenities when it comes to recruiting and retaining talent. This new, stand-alone community amenity center will further distinguish our headquarters-caliber property within Somerset Countys I-78 Corridor.
The facility will complement Warren Corporate Centers existing array of amenities, which includes three full-service cafeterias and three fitness centers. Approximately 90 percent of the propertys parking is covered, offering a 4/1,000 ratio in its structured and paved lots. The campus also features redundant power systems and supplemental cooling.
Building on Success
Vision Real Estate Partners and Rubenstein Partners acquired the 820,000-square-foot Warren Corporate Center campus last year and are spearheading its introduction as a multi-tenant business park. The 176-acre, five-building property off I-78 (Exit 36) was originally developed in 1996 as the headquarters of Lucent Technologies. In 2004, Citibank leased the property and still occupies four buildings. The fifth 156,500-square-foot building (#300) is currently available for lease, with Cushman & Wakefield serving as exclusive agent.
The new amenity hub will create a more vibrant workplace environment at Warren Corporate Center, said Stephen Card, Mid-Atlantic regional director for Rubenstein Partners. We believe strongly in this concept and are committed to offering like-kind amenity centers to tenants in each of our projects. Providing exceptional amenities and services improves the tenant experience while increasing occupancy, retention, and ultimately long-term asset value.
Vision Real Estate Partners and Rubenstein Partners are recognized for identifying prime-area suburban properties in N.J. with potential to be transformed into second-generation, Class A, experiential workplaces. For example, the rebranding and repositioning of The Crossings at Jefferson Park in Whippany included a multi-million-dollar adaptive reuse of a former powerhouse structure into a stand-alone amenities center.
Aptly named The Powerhouse, the 11,000-square-foot building provides enhanced gourmet food services with indoor and open-air seating; a multi-function business lounge with WiFi; and a state-of-the-art health and wellness center. The centerpiece Powerhouse is located close to the propertys bike-share station and storage, and 1.3 miles of pedestrian and bicycle infrastructure adjoining Morris County Parks Commissions Patriots Path.
The partnership also pioneered repurposing of projects for single tenants at the 194-acre former Alcatel-Lucent campus at 67 Whippany Road. The redevelopment for Bayer Healthcares East Coast Headquarters and MetLife Investments Global Headquarters both earned awards for their new-generation spaces and services that promote collaboration, wellness and sustainability.
About Vision Real Estate Partners
Vision Real Estate Partners is a full-service real estate owner/operator, specializing in development, property management, asset management and construction. The firm is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Vision Real Estate Partners currently is developing or redeveloping more than 2 million square feet of space in its local market. The company has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities. Its Vision Management platform also currently oversees property management, financial reporting and overall operational supervision for nearly 1.5 million square feet of office space on behalf of multiple strategic partners. For more information, visit www.visionrep.com.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in markets in the Eastern United States that encompass more than two-thirds of U.S. office space inventory. Rubenstein Partners predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10 million square feet of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.
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