4-29-16

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Buyer is joint venture between Vision Real Estate Partners & Rubenstein Partners CBRE announces $136 million sale of 820,000 s/f Warren Corporate Center

ISSUE HIGHLIGHTS Volume 28 Issue 8 April 29 - May 12, 2016

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the five buildings providing the opportunity to shift from a single tenant headquarters environment towards a multi- tenant office park. Warren Corporate Center benefits from an expansive on-site amenity base including three full service cafeterias, three fitness centers, day care cen- ter, and 4/1,000 s/f parking (90% provided in adjacent structured parking) within a natural campus setting. Located directly off I-78 (Exit 36) with proximity to I-287, Routes 202/206, and 22, the property has a regional loca- tion within a strong Northern New Jersey submarket that has recently seen leasing success. Dunne said: “The acquisi- tion of Warren Corporate Center provides Vision and Rubenstein with a premier of- fice asset offering the opportu- nity to create a multi-tenant environment and potential for further modernization to meet the demands of today’s occupiers. Many businesses are seeking modern genera- tion work environments that will attract and retain top talent.” n

ARREN, NJ — CBRE Gr o up , Inc . announced

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that Jeffrey Dunne , Kevin Welsh , and Brian Schulz of CBRE Institutional Prop- erties in collaboration with Jeremy Neuer of CBRE’s East Brunswick office repre- sented Northwestern Mu- tual Real Estate in the $136 million sale of Warren Corpo- rate Center in Warren, NJ. The team was also respon- sible for procuring the buyer, a joint venture between Vi- sion Real Estate Partners and Rubenstein Partners . Jim Gunning and Donna Falzarano of CBRE’s Debt & Structured Finance Group also arranged a $123 million term loan, a portion of which is available for future capital, tenant improvements and leasing commissions led by Bank of America as adminis- trative agent. Warren Corporate Center is considered a best-in-class quality office development containing ±820,000 s/f across five, four-story buildings situ- ated on a 176-acre site off of a full interchange on I-78. The property was originally

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Warren Corporate Center

developed in 1996 as the headquarters of Lucent Tech- nologies and in 2004 Citibank fully leased the property and substantially improved the in- frastructure with fully redun-

dant power systems, supple- mental cooling, and enhanced the amenities. The property is currently 81% leased to Citibank which terminated its lease on one of

Mission Capital Advisors arranges $24.6 million for newly renovated women’s homeless shelter

from CGA Capital on behalf of Friedman Capital and an insurance company partner for the acquisition of 810 5th St. NW, a newly renovated property in the East End sub- market of Washington, DC. The Mission Capital team of Jordan Ray , Steven Buch- wald and Eugene Shevaldin represented the sponsors in arranging acquisition financ- ing for the 32,246 s/f, triple- net leased property, which is leased by the District of Columbia’s Department of Human Services. The building includes housing, administra- tive offices and professional development facilities. The property will provide tempo- rary assistance and support to homeless women while helping them maximize their potential for economic security

WASHINGTON, DC — Mission Capital Advisors Debt & Equity Finance Group has arranged $24.6 million of first-mortgage bond financing

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810 5th St. NW rendering

and self-sufficiency by offering on-site assessment and case management. “We knew this was a trans- action that some capital pro- viders might shy away from based on its specialty use,”

said Ray, a principal of the firm. “Ultimately, CGA Capi- tal was able to get comfort- able with the lease signed by the District and provide our clients with a 20-year high- leverage credit tenant loan.” n

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