Newmark Capital Markets announced today that it has successfully arranged a $97 million loan for Rubenstein Partners and Vision Real Estate Partners (VREP), secured through ACORE Capital LP, for the acquisition of Morris Corporate Center East & West in Parsippany, NJ. The team was led by Newmark Capital Markets’ Vice Chairmen and Co-Heads, Debt & Structured Finance, Jordan Roeschlaub and Dustin Stolly, along with Managing Director Nick Scribani. The financing facilitated the acquisition in addition to funding capital improvement upgrades to fully lease the buildings to future high-quality tenants.
Built between 2000 and 2001, the property is comprised of two four-story trophy office buildings totaling 702,707 SF interconnected by signature glass atrium lobbies with the ability to separate into four components. The property features high-end finishes, a modern amenity package, fitness center, and landscaped grounds. Capital improvements will also serve to amenitize the site and increase the vibrancy of the buildings and location.
“The proximity to major thoroughfares and airports including Newark International Airport dramatically increase the attractiveness of the property to prospective tenants and workforce talent,” said Roeschlaub. “Working with the teams from Rubenstein, VREP, and ACORE created a great opportunity to take an already outstanding office product to a new level of sophistication in a diverse market,” added Stolly.
The property is conveniently located just minutes from the intersection of I-287 and I-80, a major travel nexus in New Jersey and approximately 30 minutes from New York City.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.