JLL Closes $150M Sale of Single-Tenant Suburban NJ Office Campus
JLL Capital Markets closed the $150.25-million 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, NJ. The firm’s Jaime Fink, Kevin O’Hearn and Jose Cruz represented the seller, a joint venture between affiliates of Rubenstein Partners, L.P. 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. JLL’s Capital Markets team leading the financing efforts included Lucas Borges, Michael Johnson and Matthew Pizzolato.
The property is fully leased to Everest Reinsurance Company, a leading global reinsurance and insurance organization. “Warren Corporate Center generated tremendous investor interest given the high demand for single-tenant credit properties from both domestic and foreign investors,” said O’Hearn.