Avis Budget Group Leases 155,234 SF At Latitude In Parsippany-Troy Hills

The office property located at 379 Interpace Pkwy in Parsippany-Troy is the site of the recent lease transaction. The asset, spanning 155,234 square feet, will now serve as the headquarters for Avis Budget Group. The campus boasts two symmetrical five-story wings connected by a glass atrium, offering various amenities such as renovated cafes, fitness centers, and a shared conference room. This property was revamped between 2020 and 2021 by Rubenstein Partners LP and Vision Real Estate Partners.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not specified
• Landlord's Rep: David Simson (Newmark)
• Tenant: Avis Budget Group
• Landlord: Rubenstein Partners
• Square Feet: 155,234

CBRE's Jon Meisel and Joseph Sarno represented Avis Budget Group in the deal, while Newmark's David Simson and Jaime Drummond acted as the representatives for the property owner. The campus was acquired by Rubenstein Partners LP and Vision Real Estate Partners in 2018, and the joint venture took the initiative to reposition the office buildings to create a modern workplace that appeals to top-tier corporate occupants. Avis Budget Group is set to transition its headquarters to this location, moving from its previous tenancy at 6 Sylvan Way in Parsippany.