Avis Budget Group 155,234-square-foot lease at office campus owned by Rubenstein and Vision recognized as year’s most impactful office sector transaction
Parsippany, N.J. (May 25, 2023) – The New Jersey Chapter of NAIOP, the commercial real estate development association, has named Avis Budget Group’s 155,234-square-foot office at LATITUDE, a 35-acre, two-building campus in Parsippany, NJ owned by a joint venture partnership between Rubenstein Partners, L.P. (“Rubenstein”) and Vision Real Estate Partners (“Vision”) as the 2023 office deal of the year.
The announcement was made at the NAIOP New Jersey 36th Annual Commercial Real Estate Awards Gala, held Thursday, May 18th, at The Palace at Somerset Park in Somerset, N.J.
In January 2023, Avis Budget Group, one of the country’s largest car rental agency holding companies, announced its relocation to a to LATITUDE, the state-of-the-art, 700,000-square-foot office complex owned by Rubenstein and Vision. Avis Budget Group was seeking a modern diverse experience for their new headquarters, and the unique, hospitality-inspired workplace at LATITUDE designed to foster a productive and dynamic work-life experience, was the ideal choice.
The creative office condominium transaction has resulted in the retention of 600 New Jersey jobs and brought significant financial benefits to the tenant, ownership, and the state. With this award, NAIOP New Jersey has now recognized the Avis Budget Group lease as the best office sector representative of positive real estate and economic development over the last year. Other parties involved in the deal including Newmark, CBRE, Charles Applebaum, Esq., Fox Rothschild, Greenbaum, Rowe, Smith & Davis LLP, and Giordano Halleran & Ciesla were also recognized as part of the award announcement.
“The Avis Budget Group lease has had an exceedingly positive impact on both the LATITUDE campus and the state’s economy, and we are proud that NAIOP New Jersey has named it the office deal of the year,” said Sam Morreale, founder and managing partner of Vision.
“We are honored to receive this prestigious office sector award from NAIOP,” added Stephen Card, Director of Acquisitions at Rubenstein. “This recognition is a testament to what the Avis Budget Group transaction means to the New Jersey commercial real estate industry as well as how LATITUDE has created a modern suburban office product that attracts the highest quality corporate users.”
Since acquiring the LATITUDE property in 2018, Rubenstein and Vision have transformed the 700,000-square-foot campus into a next-generation, holistic workplace with a design theme that features collaborative spaces inspired by cities across the U.S.
LATITUDE features two symmetrical five-story wings comprised of offices, meeting spaces, and lifestyle services and experiences. The wings connect through a new central glass atrium built by Vision and Rubenstein, featuring common areas, multiple dining options, fitness centers and city-themed spaces for collaboration. As employees travel from one end of the property to the other, they transition through “time zones” punctuated by artistic and design elements, as well as cuisine options with distinct regional flavors. The campus provides flexibility, productivity benefits and an environment usually seen in bespoke, single-tenant build-out campuses.
LATITUDE features two symmetrical five-story wings comprised of offices, meeting spaces, and lifestyle services and experiences. The wings connect through a new central glass atrium built by Vision and Rubenstein, featuring common areas, multiple dining options, fitness centers and city-themed spaces for collaboration. As employees travel from one end of the property to the other, they transition through “time zones” punctuated by artistic and design elements, as well as cuisine options with distinct regional flavors. The campus provides flexibility, productivity benefits and an environment usually seen in bespoke, single-tenant build-out campuses.
LATITUDE is centrally located in Morris County among a community of top corporate neighbors with direct access to retail and services. The property is located less than a mile from Exit 42B on Interstate 80 and can be accessed via Cherry Hill Road to Interpace Parkway from the east, and from Route 46 via Interpace Parkway from the north. The NJ Transit Bus Route 79, with service to Manhattan, stops directly in front of the building. For more information about the property or to tour available space, please visit https://latitudenj.com/.