Wells Fargo Provides New Facility Following Redevelopment
August 4, 2015 – Philadelphia – Rubenstein Partners, L.P., a vertically integrated real estate investment manager specializing in value-added office property opportunities in the Eastern half of the United States, announced today the closing of a $28.5 million refinancing for 211 Mount Airy Road in Basking Ridge, NJ, a 305,000-square-foot Class A office property. Wells Fargo is providing the new 5-year loan facility. Rubenstein Partners, together with its partner Onyx Equities, recently completed a redevelopment plan to improve and modernize the property, and signed a 61,676-square-foot lease with Avaya, Inc. Stephen Card of Rubenstein Partners made the announcement.
“We’re pleased to continue working with Wells Fargo through this transaction,” said Mr. Card. “Our redevelopment has transformed this property from a somewhat dated 1980s-vintage traditional corporate campus into a modernized multi-tenant asset with improved amenities that is considerably more competitive in its market. We believe that these positive changes, combined with the long-term Avaya lease and significant interest from additional tenants, made 211 Mount Airy an appealing prospect for financing.”
“Wells Fargo is delighted to continue our relationship with longtime customer Rubenstein Partners through the recapitalization of 211 Mount Airy Road,” said Yorick Starr, a Senior Vice President with Wells Fargo Commercial Real Estate. “We were excited to participate with this experienced and talented partnership in the repositioning of 211 Mount Airy into a modern and competitive office option for tenants in the Basking Ridge market.”
Affiliates of Rubenstein and Onyx acquired 211 Mount Airy Road from Avaya in 2013. Following the acquisition, the Rubenstein/Onyx partnership created a redevelopment plan to thoroughly modernize the early 1980’s vintage building in this highly desirable suburban office submarket. Among other things, the partners decided to replace the existing concrete skin with a contemporary glass curtainwall system that will introduce much more light into tenant space.
211 Mount Airy Road features headquarters-quality amenities, including a full cafeteria and state-of-the-art fitness facilities. The property also features a 127-seat auditorium and conference center on-site.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern United States. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10,000,000 sq. ft. of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.