Pair of office buildings in Warren sell for $150M+, JLL says

Warren Corporate Center 100 and 200, a pair of Class A office buildings in Warren, have sold for $150.25 million, according to real estate firm JLL Capital Markets.

The real estate firm said it also closed a $100.59 million financing for the deal.

The two buildings total 315,086 square feet of space, giving the transaction a $477-per-square-foot price. Warren Corporate Center 100 and 200 are part of the five-building Warren Corporate Center campus in Somerset County. Each building includes 157,543 square feet over four stories. The property is fully leased to a single tenant, Everest Reinsurance Co.

JLL marketed the property on behalf of the seller, a joint venture between affiliates of Rubenstein Partners L.P. and Vision Real Estate Partners. The property was purchased by a partnership between Exan Capital and Mirabaud Group.

New York Life Real Estate Investors provided the five-year, fixed-rate acquisition loan.

The JLL Capital Markets team was led by Jaime Fink, Kevin O’Hearn and Jose Cruz, all senior managing directors.

“Warren Corporate Center generated tremendous investor interest, given the high demand for single-tenant credit properties from both domestic and foreign investors,” O’Hearn said in a prepared statement.

The JLL team leading the financing included Lucas Borges and Matthew Pizzolato, directors, and Michael Johnson, senior director.

“Warren Corporate Center attracted a deep bench of lenders that are actively seeking high-quality, investment-grade caliber, mission-critical corporate campuses such as this asset,” Borges said in a statement.

Exan Capital was represented in the transaction by Ignacio Gil-Casares, partner, and Arturo Vinueza, vice president, investments.