Everest Reinsurance Inks 315,000-SF Lease for U.S. HQ in Warren

Vision Real Estate Partners and Rubenstein Partners, L.P. today announced that Everest Reinsurance Company has signed an approximately 315,000-square-foot, long-term lease to relocate the corporate headquarters of its U.S. operations to Warren Corporate Center in Warren, N.J. The announcement comes on the heels of the property ownership’s 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.

Since acquiring the 176-acre, five-building campus, 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 to optimize employee well-being and productivity.

This mission 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,” said 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 a large existing tenant has continued to occupy a majority of the campus. That tenant is working through a phased relocation, creating the opportunity for new tenants to move into the updated campus.

“We believe we’ve created a fully-amenitized and differentiated product that the suburban New Jersey office market is embracing,” said 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.”

Vision and Rubenstein have consistently created premier experiential suburban office properties that incorporate a level of amenities more akin to a hospitality setting than a traditional office environment. The joint venture partnership 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, N.J. The complex – which is located parallel to I-80, a coast-to-coast interstate roadway – embraces collaboration and connectivity, with an East Coast to West Coast design theme reflected throughout 700,000 square feet of premier corporate office, health and lifestyle-focused work space.

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.

“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,” said Everest CEO Dominic Addesso.

In relocating to Warren Corporate Center, Everest 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. To facilitate a seamless experience across the two buildings, 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.

CBRE’s Eric Deutsch and Jeff Babikian represented Everest, while Cushman & Wakefield’s Robert Donnelly, Sr. and Robert Donnelly, Jr. represented building ownership in the lease transaction.

Warren Corporate Center currently offers 510,000 square feet of availability, which Vision and Rubenstein are actively marketing. For more information about the property, please visit http://warrencorporatecenter.com.

About Vision Real Estate Partners

Vision Real Estate Partners is a full-service real estate owner/operator, specializing in development, property management, asset management and construction. The firm is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Vision Real Estate Partners currently is developing or redeveloping more than 2 million square feet of space in its local market. The company has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities. Its Vision Management platform also currently oversees property management, financial reporting and overall operational supervision for nearly 1.5 million square feet of office space on behalf of multiple strategic partners. For more information, visit www.visionrep.com.

About Rubenstein Partners

Rubenstein Partners, L.P., founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S. Rubenstein Partners’ predecessor companies, The Rubenstein Company, LP and its affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 21 million square feet of office real estate assets throughout the United States. For more information, visit www.rubensteinpartners.com