A rendering of a New York City-themed common space at Latitude, a two-building, 700,000-square-foot office campus in Parsippany owned by Vision Real Estate Partners and Rubenstein Partners LP — Courtesy: Vision Real Estate Partners
By Joshua Burd
As they mark a high-profile transaction at a Parsippany office complex, Vision Real Estate Partners and Rubenstein Partners LP have offered a new look at their plans to transform the two-building, 700,000-square-foot office campus.
The partnership announced recently that Reckitt Benckiser Group, the multinational consumer goods company, has expanded and extended with a new 187,500-square-foot, long-term lease at the property now known as Latitude. The deal comes amid the owners’ overhaul of the campus into what they describe as a next-generation, holistic workplace with an East Coast to West Coast design theme and collaborative spaces inspired by American cities.
Vision and Rubenstein acquired the 35-acre complex, which sits along Interpace Parkway and just north of Interstate 80, in separate transactions in early 2018. They have since rebranded and repositioned the campus, which was formerly known as Morris Corporate Center IV.
SLIDESHOW: Inside Latitude in Parsippany
All images courtesy: Vision Real Estate Partners/Rubenstein Partners LP
A Newmark Knight Frank team including David Simson, Jamie Drummond and Andrew Perrotti represents ownership at the property.
“Work and life do not exist separately from one another, and our approach to redevelopment at Latitude is reflective of the growing preference for workplaces that mirror professionals’ dynamic lifestyles,” said Sam Morreale, founding and managing partner of Vision Real Estate Partners. “We are not just adding amenities — we are delivering a unique office experience that is setting a new standard for suburban office environments.”
Latitude features two, five-story symmetrical wings comprised of offices, meeting spaces and lifestyle services and experiences. Both wings are connected through a central glass atrium that features 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 a distinct East Coast to West Coast flavor, according to a news release. The landlords have sought to provide flexibility, productivity benefits and an environment mostly only seen in high-end single-tenant campuses.
“We continue to see opportunity in rethinking well-located Class A suburban offices,” said Stephen Card, Director of Investments and Principal at Rubenstein. “Through thoughtful redesign and amenity programming, we are making desirable places for the suburban workforce and we continue to add value to our properties along with our partners.”
