Page 6 - Vol.5 No. 7 July 2021

4 JULY 2021
THE BRIEFING
An investment group has purchased a two-building, 316,000-square-foot office portfolio in Warren for more than $150 million, in a transaction arranged by JLL.
The lender in the deal, New York Life Real Estate Investors, said it provided a $100.59 million mortgage to a partnership managed by the Mirabaud Group, an international banking entity based in Geneva, Switzerland, in the transaction at 100 and 200 Warren Corporate Center Drive. The five-year, fixed-rate loan is supporting the borrower’s acquisition of two buildings that are fully leased and part of a newly upgraded, 176-acre campus off Interstate 78.
JLL marketed the property on behalf of the seller, a joint venture between affiliates of Rubenstein Partners
LP and Vision Real Estate Partners, while also securing the acquisition loan. Miami-based Exan Capital spearheaded the acquisition for Mirabaud Group.
“We are pleased to continue our lending relationship with Mirabaud Group and provide acquisition financing on this high-quality asset located directly off I-78 in central New Jersey with stable long-term
cash flows,” Scott Ingham, a senior director in New York Life Real Estate Investors’ Northeast regional office, said in a mid-June announcement.
The two properties, which sit within a five-building, 820,000-square-
foot campus, are leased to Everest Reinsurance Co. as part of a transaction announced in mid-2019. Each is a four-story, 157,543-square- foot structure, with covered parking and access to the recently built Warren Hill amenity building that features a high-end fitness center,
Kevin O’Hearn
C&W TAPS BRONSNICK AS NEW JERSEY MARKET LEADER
talent and supporting all of our professionals so they can operate at their full potential. We are so excited to welcome Peter to the team.”
C&W announced the new hire this week, touting Bronsnick’s experience in development, leasing, acquisitions, project and asset management, partner relations and marketing. With SJP, he managed a team of
more than 150 professionals and
was responsible for overseeing the brokerage, corporate tenant and project stakeholder communities to maintain external relationships and partnerships.
Bronsnick also oversaw and executed leasing and marketing for a 6 million- square-foot commercial portfolio across New York and New Jersey. SJP announced in early April that he would leave the firm after nearly a decade.
“New Jersey and the greater tristate region are important growth markets for our business in the Americas,” said Roberta Liss, C&W’s east region president. “Peter is an industry leader and we are confident he will continue to elevate our professionals across all service lines, grow our business and offer clients best-in-class services and solutions.”
Bronsnick is a board member for NAIOP New Jersey and a licensed real estate professional.
“Peter is incredibly business-savvy,” said Frank Giantomasi, a partner with Chiesa Shahinian & Giantomasi PC in West Orange. “He has a unique way
of viewing business relationships in their totality and is always attuned to his clients’ needs, foreseeing potential issues and solving problems before they arise.”
Cushman & Wakefield has hired veteran commercial real estate executive Peter Bronsnick as its market leader in the Garden State.
Bronsnick, who joins the real estate services firm as its managing principal in New Jersey,
comes to the
position with 20 years of industry experience. The well-regarded executive
most recently
served as SJP
Properties’
president for the New Jersey region, having also held roles with RXR Realty Corp. and Mack-Cali Realty Corp.
Based in East Rutherford, Bronsnick will now lead all market activities for C&W’s three offices in New Jersey.
“We are delighted that Peter will be joining Cushman & Wakefield,” said Toby Dodd, the firm’s president for the tristate region. “His passion for motivating teams to achieve our clients’ goals will greatly add to
our culture of teamwork, respect, excellence and winning. In this role, he will drive business performance and ensure we continue to deliver the best outcomes for our occupier and investor clients across the region.
“Peter will have a specific focus on our goals around diversity, equity and inclusion, developing next-generation
a cafeteria, a basketball court and a conference area.
Vision Real Estate and Rubenstein owned the buildings at the time of the lease after having acquired the full campus in 2016 for $136 million.
“Warren Corporate Center generated tremendous investor interest given
the high demand for single-tenant
Warren Corporate Center in Warren
credit properties from both domestic and foreign
investors,” said
JLL’s Kevin
small role in such a key acquisition for Exan Capital and Mirabaud.”
In a separate announcement, New York Life noted that Exan Capital is working with the Mirabaud Group
to build a portfolio of single-tenant office and industrial properties leased to investment-grade tenants in core markets throughout the U.S.
“Thanks to the JLL team we were able to acquire this property and continue with our strategy to provide Class A yielding properties to our investors,” said Ignacio Gil-Casares, a partner at Exan Capital. “The quality of the asset, the length of the lease and the credit of the tenant is the perfect fit for the current portfolio we are building up with our partners at Mirabaud. We will continue with our aggressive plan of acquisitions of single and multitenant office and industrial properties during the upcoming months.”
VISION, RUBENSTEIN SELL WARREN OFFICE BUILDINGS FOR $150 MILLION
O’Hearn, who brokered the $150.25 million
sale alongside fellow senior managing
directors Jaime Fink and Jose Cruz.
Meantime, JLL Director Lucas Borges, Senior Director Michael Johnson
and Director Matthew Pizzolato led the financing efforts on behalf of the buyers.
“Warren Corporate Center attracted a deep bench of lenders that are actively seeking high-quality, investment-grade caliber, mission-critical corporate campuses such as this asset,” Borges said. “It has been a pleasure to fulfill a
Peter Bronsnick
Courtesy: JLL