BASKING RIDGE, NJ—Another suburban office campus redevelopment has paid off for Rubenstein Partners and its partner Onyx Equities. The joint venture has sold 211 Mount Airy Road in Basking Ridge, NJ, a class-A suburban office campus that the pair had redeveloped with a new façade and upgraded amenity package. The property was sold for $98.5 million to Harbor Group International.

Rubenstein and Onyx acquired 211 Mount Airy Road from Avaya in late 2013 for a reported $12.2 million, according to Real Capital Analytics, a proprietary research database. Following the acquisition, the Rubenstein/Onyx partnership implemented a redevelopment plan that significantly modernized the early 1980s vintage building. In particular, the building's concrete skin was replaced with a contemporary glass curtain wall system that allows abundant natural light into tenant spaces. The main lobby was also extensively renovated, highlighted by the addition of state-of-the-art video walls. The building now features headquarters-quality amenities, including a full cafeteria, fitness facilities, 127-seat auditorium and conference center.

“Together with Onyx, we were able to create truly unique office product that was ideal for a large tenant desiring a headquarters-quality office campus,” says Stephen Card, principal and the regional director of Mid-Atlantic for Rubenstein Partners. “At Rubenstein, we routinely look to acquire large blocks of quality vacancy in high-performing submarkets, and the 211 Mount Airy Road investment illustrates this thesis successfully playing out.”