NKF Capital Markets 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 NKF Capital Markets’ 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 s/f 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.
“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.
