A joint venture partnership between affiliates of Rubenstein Partners, L.P. and Vision Real Estate Partners announced that Avis Budget Group, one of the country’s largest car rental agency holding companies, is relocating to a new 155,234-square-foot office at LATITUDE, a 35-acre, two-building campus in Parsippany.
Avis Budget Group moved from a long-standing single tenant occupied building elsewhere in Parsippany. The company was seeking a modern diverse experience for their new headquarters. Since acquiring the property in 2018, Rubenstein and Vision have transformed the 700,000-square-foot campus into a next-generation, holistic workplace with a design theme that features collaborative spaces inspired by cities across the US.
“LATITUDE represents the future of suburban office space,” said Sam Morreale, founder and managing partner of Vision. “Avis Budget Group was seeking a best-in-class office experience for its employees and the thoughtful design and dynamic amenities at LATITUDE offered everything it was looking for.”
“We’re pleased to welcome Avis Budget Group to their new headquarters at LATITUDE,” added Stephen Card, director of acquisitions at Rubenstein. “We set out to create a modern suburban office product that attracts the highest quality corporate users, and with recent transactions this year with Avis and Gilead Sciences, we continue to execute that business plan.”
“The trend of large corporate tenants making long term commitments in quality product is happening across our portfolio,” Card added.
LATITUDE features two symmetrical five-story wings comprised of offices, meeting spaces, and lifestyle services and experiences. The wings connect through a new central glass atrium built by Vision and Rubenstein, featuring common areas, multiple dining options, fitness centers and city-themed spaces for collaboration.
Avis Budget Group was represented by Jon Meisel and Joseph Sarno of CBRE in the transaction – Rubenstein and Vision were represented by David Simson and Jaime Drummond of Newmark.
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