REAL ESTATE INVESTMENT
Rubenstein Partners | June 13, 2022
Rubenstein Partners, L.P. (including its affiliates, Rubenstein), a vertically integrated real estate investment adviser focused on value-added office property equity and debt opportunities, and joint venture partner Vision Real Estate Partners, a full-service real estate owner/operator, announced global biopharmaceutical PTC Therapeutics (PTC) signed a new 360,000-square-foot, long-term lease at Warren Corporate Center, within the five-building office campus in Warren, N.J.
PTC is relocating its corporate headquarters from South Plainfield, N.J. to a new facility at Warren Corporate Center. The lease spans two full buildings located at 400 and 500 Warren Corporate Center Drive and, following construction, will include offices, collaboration and conferencing spaces, and research laboratories. The facility will provide flexible and innovative workspaces with the capacity needed to support PTC's long-term growth of its expanding pipeline of products.
Construction activities on the new facility at Warren Corporate Center is expected to begin in June 2022.
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, a richly landscaped pond and four covered parking structures. Since acquiring the 176-acre campus in 2016, Vision and Rubenstein have set out to reposition Warren Corporate Center as a unique opportunity in the market, with headquarters-quality space that integrates attractive amenities and communal areas within a central location to optimize employee well-being and productivity.
As part of the repositioning, ownership also developed Warren Hill, a 20,000-square-foot lifestyle center located at the center of the campus, featuring numerous amenities including 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 full-size indoor basketball court. The amenities hub also provides an easily accessible outdoor roof deck for employees to meet and collaborate.
"Since acquiring and repositioning Warren Corporate Center, our goal has been to create the kind of fully-amenitized and differentiated office product high-end companies in the region are seeking," said Stephen Card, Principal at Rubenstein. "PTC Therapeutics is a true global leader and innovator in the biopharmaceutical sector and adding an organization of their magnitude to the roster of tenants at the Warren campus validates the strategic investments we've made at the site."
Warren Corporate Center is a suburban office site designed for the modern employee. The institutional-quality property is a rare blend of full-service amenities, outdoor spaces and experiential features, such as our unique lifestyle center, that separate the property from others in the region. Warren Corporate Center is a singular offering in the highly competitive New Jersey office market, and we are pleased to welcome PTC as the long-term, addition to the campus."
Sam Morreale, founding and managing partner of Vision Real Estate Partners
"Our new headquarters allows us to have a Class-A facility for our growing team, while keeping the new flexible work paradigm in mind," said Doug McLeester, Vice President of Global Facilities at PTC Therapeutics. "As PTC grows into one of the world's leading rare disease companies, our in-house capabilities must similarly grow and adapt. The new facility at Warren Corporate Center, which complements our existing operations at the PTC's Gene Therapy Center of Excellence in Hopewell, is the ideal space for our expected future expansion in New Jersey, a foundational and growing market for biotech in the U.S."
Vision Real Estate Partners and Rubenstein Partners 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 also collaborating on Latitude, a 30-acre, approximately 700,0000-square-foot office complex located in Parsippany, N.J.
Jeff Zell and Louis Kluger of JM Zell Partners represented PTC Therapeutics and Robert Donnelly Sr, Robert Donnelly Jr, Paul Giannone, Todd Elfand and Kevin Carton of Cushman and Wakefield represented building ownership in the lease transaction.
About Rubenstein Partners
Rubenstein Partners, L.P. founded in September 2005, is a private real estate investment 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 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 22.5 million square feet of office real estate assets throughout the United States.
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.
About PTC Therapeutics, Inc.
PTC is a science-driven, global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. The Company's strategy is to leverage its strong scientific expertise and global commercial infrastructure to maximize value for its patients and other stakeholders.
REAL ESTATE TECHNOLOGY
United Real Estate | June 08, 2022
United® Real Estate has announced the launch of its Specialty Properties Group (SPG) websites. Lifestyle.UnitedRealEstate.com is a collection of websites featuring AI and machine learning designed to enhance proprietary SEO algorithms for United's lead acquisition program. The technology-first strategy is converting more buyer and seller leads while significantly reducing the company's acquisition and transaction costs.
Together, the SPG collection is producing organic website traffic and business leads for United's Agent-centered inbound lead program, powered by 2.1+ million listings. The collection includes:
Condominium property types
The specialty websites are streamlining the customer experience and substantially lowering the cost of lead acquisition for United's brokers and agents. United's proprietary Bullseye™ Cloud-Based Productivity Platform is fully integrated with the SPG website collection. The platform connects interested buyers and sellers to United's customer care team and national agent and broker network.
The system is deploying market-ready buyers and sellers to United's tech-enabled agent base – at a substantially lower cost than traditional lead acquisition programs. As a result, United is driving more profitability for agents and brokers.
The real estate internet space is filled with systems that get between agents and their customers. Our proprietary system connects agents with their past, present and future real estate clients and is designed to substantially lower costs to brokers and agents, improve effectiveness and deliver tremendous business opportunities to our broker and agent network across the country."
Rick Haase, President of United Real Estate
"Our proprietary technology platform, Bullseye, continues to evolve rapidly. These new organic websites are another piece of our end-to-end strategy of lead acquisition for our agents. By leveraging our cloud architecture and our exclusive listing warehouse, we are able to deploy our unique organic SEO strategies rapidly. Our lead program is now delivering more opportunities for earnings to our agents nationwide – at a fraction of the cost of traditional lead acquisition programs. We continue to invest heavily in our technology platform to enhance our value proposition for our agents," says David Dickey, Chief Technology Officer of United Real Estate Group.
United's tech-enabled business services model is gaining attention inside and outside the real estate industry. In 2021, D.A. Davidson named United a top 100 U.S. private technology company. The Herd highlights a diverse group of businesses across cloud, collaboration, fintech, human capital management, infrastructure, sales and marketing, security and vertical software. In 2022, Housing Wire recognized United Real Estate as one of the Top 100 technology companies in real estate.
About United Real Estate
United Real Estate (United) – a division of United Real Estate Group – was founded with the purpose of offering solutions to real estate brokers and agents in the rapidly changing real estate brokerage industry. United provides the latest training, marketing and technology tools to agents and brokers under a flat-fee, transaction-based agent commission model. By leveraging the company's proprietary cloud-based Bullseye™ Agent & Broker Productivity Platform, United delivers a more profitable outcome for agents and brokers. United Real Estate operates in 31 states with 110 offices and more than 16,500 agents. The company produced over $21.5 billion in sales volume in 2021.
About United Real Estate Group
United Real Estate Group (UREG) operates United Real Estate and United Country Real Estate, addressing the unique market needs of suburban, major metropolitan urban and rural markets. Utilizing the cloud-based Bullseye™ Agent & Broker Productivity Platform, UREG offers the latest training, marketing and technology tools producing a significant competitive advantage. The platform realizes a decade-long investment in virtual agent and brokerage technology services and is powered by a 2.1 million listings data warehouse generating over 3 million monthly visitors and 30,000 leads per year. Together, the United Real Estate Group supports more than 600 offices and 20,000 real estate and auction professionals across four continents. United Real Estate Group produced over $27.1 billion in 2021. Through its in-house advertising agency, UREG offers differentiating marketing support and collateral for specialized lifestyle property websites as well as access to a 650,000+ opt-in buyer database.
REAL ESTATE TECHNOLOGY
Houwzer | April 19, 2022
Houwzer, a next generation real estate brokerage and homeownership platform powered by proprietary technology and an all-W2 labor model, announces that advisor, entrepreneur, and investor, Jonathan Zabusky, will join the company’s board as Executive Chairman.
Zabusky, most recently the President and Board Director at GrubHub Inc., will act as a co-pilot to Houwzer’s CEO, Mike Maher, helping drive the next stage of growth at the company, which pulled in $118M in equity and debt as part of a Series B funding round earlier this year. With the new funds, Houwzer is introducing three new products, Cash Advantage, Convenience Offers, and Buy Before You Sell, to help clients remain competitive in the most challenging housing market in history.
Zabusky will work alongside Maher to help refine corporate strategy, which is timely given the current state of the housing market. As a seasoned CEO and operator, Zabusky will provide mentorship to Maher as a strategic thought partner as he navigates the company through market volatility and unprecedented change. He will also ensure maximum collaboration and vision alignment between the other Directors and the management team transforming the Board into a strategic weapon for the business.
I am incredibly excited to join Houwzer's Board as Executive Chairman and to have the opportunity to work alongside Mike and his outstanding team. I’m energized by our mission to elevate the home buying and selling experience to become more fair, transparent, and seamless. Houwzer's robust suite of integrated tools, products and technology, coupled with a deeply engaged and aligned team of expert agents, facilitates a more enjoyable and productive real estate journey for its clients."
Zabusky led Seamless, as its CEO, through tremendous growth before merging it with GrubHub. After the merger, Zabusky led corporate strategy and development, product, marketing, and corporate and restaurant sales as GrubHub’s President. During his tenure, he successfully integrated multiple strategic acquisitions and played a pivotal role in the company’s initial public offering. Zabusky is Founder and Managing Partner of Bounce Ventures LLC and also serves as an advisor and board director to a portfolio of venture and private equity-backed companies in the U.S. and Israel.
“Jonathan brings a wealth of strategic growth experience to the team,” says Houwzer CEO and Founder, Mike Maher. “As we continue building on our momentum, he will play a critical role in fine-tuning our approach and ensuring we continue to prioritize resources to accelerate growth and market share. I couldn’t be more excited to work alongside an entrepreneur as successful and thoughtful as Jonathan.”
Houwzer also announced the recent hiring of Andrew Daley as Chief Marketing Officer. Daley brings two decades of high-growth experience in highly competitive environments, helping companies differentiate their brands across a range of industries like mobility, real estate, and travel. Most recently, he led marketing for Hana, a CBRE company that redefined the flexible office space experience. Daley has also served as Global Head of Marketing for Zipcar and in key marketing functions for Starwood Hotels, Reebok, and several online travel and startup brands.
“The real estate industry is ripe for disruption and the incumbent model is broken. Houwzer is realigning the incentives more fairly between the broker, the agent, and the client so that everyone wins. The end result is a better, faster, smarter way to buy, sell, finance, and insure homes,” says Daley.
Houwzer has eliminated the percentage-based commission pricing for listings and rebuilt the brokerage model around the customer, creating a one-stop shop for real estate, mortgage, title, and insurance that simplifies the chaotic and expensive process of buying and selling homes. Its $5,000 flat-fee listing model empowers sellers to maximize their profit – saving an average of $15,000 in commissions, while still providing a full-service experience via technology and expert, salaried agents.
Houwzer has helped clients buy and sell more than 4,000 homes with a cumulative sales volume of nearly $2 billion, saving home sellers $35 million in brokerage commissions. Houwzer is the only real estate company operating on an all-W2 compensation model across all of its salaried agents and mortgage advisors. It’s also the industry’s first B Corporation real estate brokerage and will soon be announcing its newly appointed Board of its impact model, the RiseUp Fund. Recently, the company entered into a partnership to become the Official Real Estate Partner of the 76ers.
Houwzer is a next-generation real estate brokerage and home services company built around the customer. Its full-service, salaried agents and loan officers help homeowners save when they sell and trust when they buy. Houwzer’s proprietary technology is an end-to-end platform that streamlines the entire transaction from beginning to end with an integrated one-stop shopping experience. The company employs unique salaried agents as dedicated seller or buyer agent specialists who receive salary instead of commissions, allowing them to focus on service, not just sales. Houwzer has maintained an industry-leading Net Promoter Score of 84 and an average rating of 4.9 out of 5 stars from over thousands of client reviews online. Since launching in 2015, Houwzer has saved home sellers along the East Coast over $35 million and helped clients buy or sell thousands of homes worth almost $2 billion.
The Real Brokerage Inc. | June 18, 2022
The Real Brokerage Inc., an international, technology-powered real estate brokerage, announced that it has surpassed 5,000 agents. The company has grown from 2,450 agents to 5,000 agents in the past 12 months, an increase of 104%.
Over the past year, Real was listed on the NASDAQ Stock Exchange, launched a new platform for its technology, and broadened its brokerage operations to 44 states and the District of Columbia, with an addition of 13 states including Indiana, North Dakota, Minnesota, Montana, Iowa, Michigan, Idaho, Kentucky, Wyoming, New Mexico, Arkansas, Maine and Mississippi. The Company also added an international dimension, commencing operations in Canada, including Alberta and Ontario. The Company is focused on building a new model of national real estate brokerage that breaks away from franchise fees and brick-and-mortar offices and provides agents with an attractive financial incentive structure, innovative technology tools and an enterprising, ambitious culture.
We've seen monumental success over the past year, and I believe a large part of that can be attributed to our agent attraction momentum and comprehensive tech solutions. Real attracts agents who are driven to succeed and who want to work with others who are equally as passionate. We build the technology and collaborative culture, and they continue to champion our growing community."
Tamir Poleg, Real Chairman and CEO
Real is a technology-powered real estate brokerage operating in 44 U.S. states, the District of Columbia, and Ontario and Alberta, Canada. Real is building the future, together with more than 5,000 agents and their clients. Real creates financial opportunities for agents through better commission splits, best-in-class technology, revenue sharing and equity incentives.