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                 Sax is the first new tenant to commit to the redesigned space. And the lease came alongside a recent 187,000-square-foot renewal and expansion by Reckitt Benckiser, which was an existing tenant when Vision and Rubenstein took control of the buildings in early 2018.
Morreale said the company is expanding by about 15 percent.
“They did have several years left on their lease when we completed the acquisition,” Morreale said. “But they decided to make the long-term commitment to the property, knowing what the future plans were for the property and understanding what amenities and what improvements we were going to bring.”
Vision and Rubenstein, which have partnered on other large-scale office projects in New Jersey, acquired
the former Morris Corporate
Center IV east and west buildings
in separate transactions. They are now integrating the buildings and treating them as two symmetrical five-story wings comprised of offices,
meeting spaces and lifestyle services and experiences.
The wings will
connect through a
newly constructed
central glass atrium,
with dining and
fitness spaces
reflecting different
regions of the
United States,
depending on
whether they are on
the east or the west
side of the campus.
Morreale, whose
firm has spent the
better part of a year building the new amenities from scratch, said in January that those spaces were “in the last throes of completion.” He highlighted features such as an indoor turf track, a spin studio and multipurpose room for pickle ball and other team sports, along with a weight room and male and female locker rooms.
Reckitt Benckiser and Sax were among the state’s largest office
    A rendering of a New York City-themed common space at Latitude, which sits along Interpace Parkway just north of Interstate 80
leases in the fourth quarter of 2019. What’s more, market experts say the deals are emblematic of a value-add investment trend in the office sector that now goes back 10 years.
“While past expansions were centered around new construction, this was the decade of redevelopment, with limited new product and essentially no threat of overbuilding,” said Matt McDonough, a managing director based in Transwestern’s Florham Park office.
“Office investors and landlords gained tremendous success through value-add
and outdated
while adding
amenities to
create a more
environment for today’s office tenants and their employees.” RE
 Matt McDonough
                     Learn more at
Currently in 2019 and 2020, Rutgers Center for Real Estate:
Awarded more than $176,800 in scholarships in 2019 and expect to distribute more than $350,000 in 2020 alone, bringing the grand total to more than $850,000 granted since the Center opened in Spring 2015.
Filled more than 1500 seats in real estate classes across two campuses, Newark and New Brunswick, with undergraduates, Masters and MBA students.
Arranged internship and full-time work opportunities for students at Blackstone, BASF, Deutsche Bank Investment Banking, JP Morgan Chase, Johnson & Johnson, Citigroup Investment Banking, PGIM, HFF, Somerset Development, Verizon Real Estate, PNC, and NJ Transit.
Presented a joint conference with ICSC on retail real estate, featuring executives from Unibail-      the developers that just opened the American
Dream entertainment and shopping development, the second largest in the country. Panelists
also included representatives from Cushman &       and The Pinnacle Companies.
Posted topical industry-related research on the blog found on our website.
Accomplishments are only possible with our industry partners, members of the Advisory Board, Emerging Leaders Council members, and especially our corporate sponsors, Sills Cummis & Gross and M&T Bank. Their donations enable scholarships, teaching resources, pivotal research and events. These committed leaders volunteer their time to mentor our students and help them in their careers. A number of them teach classes for the Real Estate Center, contributing experience that goes beyond the text book.
                                                                        Lorri Layton, Director of Marketing & Outreach • | 973-353-2813 • One Washington Park, Suite 801 • Newark, NJ 07102
Courtesy: Vision Real Estate Partners

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