Oak Funding Refis N.J. Office Campus With $80M Loan

A joint venture between Rubenstein Partners and Vision Real Estate Partners has sealed an $80 million loan to refinance a suburban office asset in central New Jersey, Commercial Observer has learned.

Oak Funding supplied the loan for the sponsorship’s 524,859-square-foot Latitude office complex in Parsippany, N.J. The two-building property, which sits on a 35-acre campus, has improved to more than 90 percent occupied from 32 percent leased when Rubenstein Partners and Vision Real Estate Partners assumed ownership in 2018, according to Oak Funding. 

“The combination of basis protection and tenant credit quality made this a compelling opportunity,” Jeremy Levart, co-founder and principal of Oak Funding, told CO. “Beyond the in-place fundamentals, the property has an active leasing pipeline of over 200,000 square feet that represents meaningful additional upside for the campus.”

Cushman & Wakefield negotiated the debt with a team consisting of Chuck Kohaut, Brad Domenico, Alexander Hernandez and Jack Subers. 

Located at 369–399 Interpace Parkway 32 miles west of Midtown Manhattan, the Latitude property has a variety of tenants that include biopharmaceutical giant Gilead Sciences, which signed a 96,300-square-foot lease for its East Coast hub in 2022. The office campus has 30,000 square feet of amenity space that includes two fitness centers, a golf simulator and a pickleball court.

Levart credited Rubenstein Partners and Vision Real Estate Partners with making a “bold capital commitment” soon after acquiring Latitude by investing $47 million to reposition the campus with a glass atrium connecting the two buildings, a new parking structure and shared amenity space. 

“That investment transformed Latitude from a largely vacant multi-tenant complex into a true corporate destination,” Levart said. “The results speak for themselves with over 520,000 rentable square feet of leasing activity since acquisition, including multiple headquarters-level commitments from investment-grade tenants.”

Levart added that the Parsippany area is a strong office submarket since more than 1 million square feet has been permanently removed through conversions to residential or industrial uses.

Rubenstein Partners and Vision Real Estate Partners did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.