211 Mount Airy Road in Basking Ridge Now 100% Leased in Long-Term Deal
April 18, 2016 – Philadelphia – Rubenstein Partners, L.P., a vertically integrated real estate investment manager specializing in value-added office property opportunities in the Eastern half of the United States, together with its partner Onyx Equities, announced today a 305,000 square foot, long-term lease with Daiichi Sankyo, Inc. at 211 Mount Airy Road in Basking Ridge, NJ. Daiichi Sankyo plans to relocate its U.S. headquarters to Basking Ridge and occupy this 3-building former Avaya campus in its entirety.
“This is an exciting transaction and we’re pleased to welcome Daiichi Sankyo to the property,” said Stephen Card, Principal and the Regional Director of Mid-Atlantic for Rubenstein Partners. “We continue to believe there is demand for high-quality, Class A, amenitized office space in established suburban markets with access to a highly educated workforce. In this case we took a well-located but older-vintage office building and transformed it into a beautiful workspace with powerful appeal to modern tenants.”
Affiliates of Rubenstein and Onyx acquired 211 Mount Airy Road from Avaya in 2013. Following the acquisition, the Rubenstein/Onyx partnership created a redevelopment plan to thoroughly modernize the early 1980’s vintage building in this highly desirable suburban office submarket. Among other things, the partners decided to replace the existing concrete skin with a contemporary glass curtainwall system that will introduce much more light into tenant space.
“When Onyx and Rubenstein purchased 211 Mt Airy Road and decided to transform it into one of the best suburban office buildings in New Jersey, we were convinced that a great multinational company would identify our commitment to quality,” said DJ Venn, Senior Vice President of Asset Management for Onyx Equities. “We are proud that Daichi Sankyo recognized this outstanding property as its new home.”
211 Mount Airy Road features headquarters-quality amenities, including a full cafeteria and state-of-the-art fitness facilities. The property also features a 127-seat auditorium and conference center on-site.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern 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 value-added office real estate investments, primarily in the Eastern United States. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and 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 10,000,000 sq. ft. of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.
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