A joint venture of Rubenstein Partners LP and Vision Real Estate Partners announced the car rental agency holding company signed a lease for a new, 155,234-square-foot office at Latitude
Avis, which has been based in Parsippany since 2001, will make the move from the single-tenant 6 Sylvan Place.
“LATITUDE represents the future of suburban office space,” said Sam Morreale, founder and managing partner of Vision. “Avis Budget Group was seeking a best-in-class office experience for their employees and the thoughtful design and dynamic amenities at LATITUDE offered everything they were looking for.”
Rubenstein and Vision acquired the property in 2018, since then updating and transforming its 700,000 square feet.
In its announcement of the lease, the JV highlighted the hospitality-inspired aspect of the workplace, which it said is “designed to foster a productive and dynamic work-life experience,” as attracting the new tenant.
“We’re pleased to welcome Avis Budget Group to their new headquarters at LATITUDE,” Stephen Card, director of acquisitions at Rubenstein, said in a statement. “We set out to create a modern suburban office product that attracts the highest quality corporate users, and with recent transactions this year with Avis and Gilead Sciences, we continue to execute that business plan.”
Latitude consists of two, symmetrical five-story wings with offices, meeting spaces, and lifestyle services and experiences. The annexes are connected with a new central glass atrium that offers common areas, dining options, fitness centers and U.S. city-themed spaces for collaborating. According to the JV, as tenants move from one end of the property to the other, they travel through “time zones” that invoke different regions through their artistic and design elements as well as cuisine options.
According to Card, “The trend of large corporate tenants making long term commitments in quality product is happening across our portfolio.”
Sax LLP made the move to Latitude in 2020, the same year that Rubenstein and Vision announced Reckitt Benckiser would renew – and expand – its lease at the property.
Avis Budget Group was represented by Jonathan Meisel and Joseph Sarno of CBRE in the transaction. Rubenstein and Vision were represented by Vice Chairman David Simson and Senior Managing Director Jaime Drummond of Newmark.