Wednesday, July 17, 2019

Everest Reinsurance Signs Major HQ Lease at Warren Corporate Center in NJ

By John Jordan
Everest Reinsurance Co. in a significant expansion of its U.S. corporate headquarters, has signed a major lease that will involve its relocation to approximately 315,000 square feet of space to the Warren Corporate Center here.

In relocating to Warren Corporate Center, Everest, which is headquartered in Bermuda, is expanding the footprint of the corporate headquarters of its U.S. operations by more than 80,000 square feet. The company will occupy 100 and 200 Warren Corporate Center Drive, soon to be renamed Everest Way, within the next 18 months. The company’s current U.S. headquarters operations are housed at 77 Martinsville Road in Liberty Corner, NJ.
The long-term lease with building ownership—a joint venture partnership between affiliates of Vision Real Estate Partners of Mountain Lakes, NJ  and Philadelphia-based Rubenstein Partners, L.P.—comes on the heels of the completion of Warren Hill, an indoor-outdoor standalone amenities hub that has mobilized Warren Corporate Center’s transformation into a modern, hospitality-inspired work environment.

Prior to Everest’s occupancy of its new space, Rubenstein and Vision will construct a new four-story glass atrium to connect buildings 100 and 200, with a drop-off lane at the front entry. Interior walkways will be accessible on all four floors with a reception area and security at the main entrance.

Originally built as a headquarters for Lucent Technologies, Warren Corporate Center comprises more than 820,000 square feet of office space across five buildings surrounded by walking trails and a richly landscaped pond with amphitheater seating, and four covered parking structures. Warren Corporate Center currently offers 510,000 square feet of availability, which Vision and Rubenstein are actively marketing.

“After a comprehensive analysis and selection process, the Warren Corporate Center was clearly the best option for Everest. We believe our new home will prove to be both an extraordinary work environment and a strategic business hub for our valued colleagues,” says Everest CEO Dominic Addesso.
Since acquiring the 176-acre, five-building campus in 2016 for $136 million, Vision and Rubenstein have set out to position Warren Corporate Center as a unique opportunity in the market, with headquarters-quality office space that integrates purposeful amenities and communal areas within a central location.

This led to the development of Warren Hill, the campus’ 20,000-square-foot lifestyle center, which features an outdoor amphitheater; indoor and outdoor patio dining; multi-function conference areas; a full-service cafe with coffee bar; a state-of-the-art fitness center with locker rooms; and a full-size indoor basketball court. The amenities hub sits at the center of the campus, providing an easily accessible outdoor roof deck for employees to meet and collaborate with colleagues.

“Our modern workforce demands high-quality office space, which includes exceptional amenities in an environment that activates and echoes their dynamic lifestyles. Our goal is to provide them with an abundant setting where they can learn, grow, and achieve their full potential,” says Sam Morreale, founding and managing partner of Vision Real Estate Partners. “When thoughtfully programmed, suburban campuses like Warren Corporate Center can provide tenants and their talent with the ideal mix of full-service amenities and desirable outdoor spaces a balance that is difficult to achieve in a more urban location.”

Rubenstein and Vision have collaborated on Warren Hill and the other elements of their business plan for the property while Citibank has continued to occupy a majority of the campus. Multiple published reports state that Citibank has opted not to renew its lease at the property and is working through a phased relocation.

“We believe we’ve created a fully-amenitized and differentiated product that the suburban New Jersey office market is embracing,” says Stephen Card, principal at Rubenstein. “Along with Vision, we have a track record of acquiring high-quality, well-located campuses that we further enhance to fit the needs of major tenants, like Everest, who are using hospitality-enriched workplaces to recruit and retain top talent.”

The Vision-Rubenstein joint venture partnership have also embarked on a multi-million-dollar renovation that transformed The Crossings at Jefferson Park in Whippany, N.J., into a Class-A office campus featuring The Powerhouse, an 11,000-square-foot, standalone amenities center. A testament to the partnership’s success in rebranding the property, The Crossings at Jefferson Park was acquired by Barclays Capital in June 2017. Vision and Rubenstein are currently collaborating on Latitude, a 30-acre, two-building office complex located in Parsippany. The complex offers 700,000 square feet of premier corporate office, health and lifestyle-focused work space.

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