Real Estate Journal — December 12 - 18, 2014 — 3A


M id A tlantic

M id A tlantic R eal E state J ournal Newmark Grubb Knight Frank reps both parties Rubenstein Partners and Onyx Equities announce 61,676 s/f lease

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ASKING RIDGE , NJ — Rubenstein Partners, LP , a ver- tically integrated real estate investment manager special- izing in value-added office property opportunities in the Eastern half of the United States, together with partner Onyx Equities , announced a 61,676 s/f lease with Avaya, Inc. at 211 Mount Airy Rd. in Basking Ridge. Stephen Card of Rubenstein Partners and John Saraceno of Onyx Equities made the announce- ment. Affiliates of Rubenstein and Onyx acquired the 305,000 s/f property from Avaya in 2013. The transaction was arranged as a sale-leaseback, through which Avaya would continue to occupy a portion of the building for a short term while main- taining flexibility to search for a long-term real estate solution in the surrounding market. Following the acquisition, the Rubenstein/Onyx partnership created a redevelopment plan to thoroughly modernize the early 1980’s vintage building in this highly desirable subur- ban office submarket. “The property was class A when built, but it really needed some strategic investment to maintain that status in today’s marketplace,” said Card. “As we progressed through our plan to upgrade the aesthet- ics and amenities, Avaya ex- pressed an interest in making a longer-term commitment. We’re extremely pleased with that outcome given Avaya’s history at this location and its standing in the local business community. We feel we un- locked the hidden value of the asset, which is what we aim to do with every investment.” 211 Mount Airy Rd. features headquarters-quality ameni- ties, including a full cafeteria and state-of-the-art fitness facilities. The property also features a 127-seat auditorium and conference center on-site. Both Avaya and Rubenstein/ Onyx were represented by Newmark Grubb Knight Frank . n B

211 Mount Airy Rd.

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