A joint venture partnership between affiliates of Rubenstein Partners L.P. and Vision Real Estate Partners announced that Avis Budget Group, one of the country’s largest car rental agency holding companies, is relocating to a new 155,234-square-foot office at Latitude, a 35-acre, two-building campus in Parsippany, New Jersey.
Avis Budget Group moved from a long-standing single tenant occupied building elsewhere in Parsippany. Since acquiring the property in 2018, Rubenstein and Vision have transformed the 700,000-square-foot Latitude campus into a next-generation, holistic workplace with a design theme that features collaborative spaces inspired by cities across the U.S., the partners said.
“Latitude represents the future of suburban office space,” said Sam Morreale, founder and managing partner of Vision. “Avis Budget Group was seeking a best-in-class office experience for their employees and the thoughtful design and dynamic amenities at Latitude offered everything they were looking for.”
Latitude features two symmetrical five-story wings comprised of offices, meeting spaces and lifestyle services and experiences. The wings connect through a new central glass atrium built by Vision and Rubenstein, featuring 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 distinct regional flavors. The campus provides flexibility, productivity benefits and an environment usually seen in bespoke, single-tenant build-out campuses.
“We set out to create a modern suburban office product that attracts the highest quality corporate users, and with recent transactions this year with Avis and Gilead Sciences, we continue to execute that business plan,” added Stephen Card, director of acquisitions at Rubenstein. “The trend of large corporate tenants making long term commitments in quality product is happening across our portfolio.”
Latitude is centrally located in Morris County. less than a mile from Exit 42B on Interstate 80 and can be accessed via Cherry Hill Road to Interpace Parkway from the east, and from Route 46 via Interpace Parkway from the north.
Avis Budget Group was represented by Jon Meisel and Joseph Sarno of CBRE in the transaction. Rubenstein and Vision were represented by David Simson and Jaime Drummond of Newmark.
