The Warren Corporate Center in Warren, New Jersey has been acquired in a joint venture between Vision Real Estate Partners and Rubenstein Partners. The partnership paid $136 million for the asset which it financed with a $123 million term loan arranged through CBRE’s Debt & Structured Finance Group. The 820,000 sqf, 5-building property was originally developed in 1996 as the headquarters of Lucent Technologies and taken over by Citibank in 2004. Located off an interchange on I-78, the campus includes full-service cafeterias, fitness centers and day care facilities. The property is currently 81% leased to Citibank which terminated its lease on one of the five buildings. This will now shift from a single tenant headquarters environment towards a multi-tenant office park.
