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Rubenstein JV buys NJ office complex for $136m

The Philadelphia-based firm partnered with a local developer to buy a 176-acre site.

Philadelphia-based private equity real estate firm Rubenstein Partners has purchased a New Jersey office complex with a local developer, the groups said Tuesday.

Rubenstein partnered with Vision Real Estate Partners to buy Warren Corporate Center in Warren, New Jersey for $136 million from Northwestern Mutual Real Estate, according to the firms’ joint statement. Built in 1996, the five-building property is 81 percent leased to Citibank. The bank recently ended its lease on one of the buildings, allowing the new owners to shift the property to multi-tenant use. The 176-acre site’s amenities include three cafeterias, three fitness centers and a daycare center.

“We focus on value-added investments in the office sector, and we believe that, together with our partner Vision Real Estate Partners, we can significantly improve the appeal of Warren Corporate Center while increasing and diversifying its occupancy,” said Stephen Card, Rubenstein’s principal and the mid-Atlantic regional director, in a statement Tuesday.

Rubenstein, which was founded in September 2005, focuses on value-added office investments primarily in the eastern US. Its latest fund, Rubenstein Properties Fund III, was launched in May, according to a filing with the US Securities and Exchange Commission (SEC). Rubenstein declined to comment on the latest vehicle’s fundraising progress. It was unclear whether the acquisition of the Warren Corporate Center was made on behalf of the new fund.

The firm’s predecessor vehicle, which was launched in May 2012, had a $750 million target but ultimately raised $515 million in commitments, according to the firm.