Rubenstein Partners together with partner Onyx Equities, announced a 61,676 s/flease with Avaya, Inc. at 211 Mount Airy Road in Basking Ridge, NJ.
Stephen Card of Rubenstein Partners and John Saraceno of Onyx Equities made the announcement.
Affiliates of Rubenstein and Onyx acquired the 305,000 s/f property from Avaya in 2013.
The transaction was arranged as a sale-leaseback, through which Avaya would continue to occupy a portion of the building for a short term while maintaining flexibility to search for a long-term real estate solution in the surrounding market.
Following the acquisition, the Rubenstein/Onyx partnership created a redevelopment plan to thoroughly modernize the early 1980’s vintage building in this highly desirable suburban office submarket.
Among other things, the partners decided to replace the existing skin with a contemporary glass curtainwall system that will introduce much more light into tenant sapce.
“The property was Class A when built, but it really needed some strategic investment to maintain that status in today’s marketplace,” said Stephen Card of Rubenstein Partners.
“As we progressed through our plan to upgrade the aesthetics and amenities, Avaya expressed an interest in making a longer-term commitment. We’re extremely pleased with that outcome given Avaya’s history at this location and its standing in the local business community. We feel we unlocked the hidden value of the asset, which is what we aim to do with every investment.”
Both Avaya and Rubenstein/Onyx were represented by Newmark Grubb Knight Frank.