Mid Atlantic Real Estate Journal — NJ — April 11 - 24, 2014 — 13B
N EW J ERSEY
Three building complex located in Hopewell, NJ AmericanRealEstatePtrs.closes $28.6mofficecomplexacquisition
April 23rd, 2014 Meeting: Topic: “Sustainable Success Story Summit” When: Time: 4:00 pm – 6:00 pm Where: Park Avenue School Auditorium 120 Manchester Place, Newark, New Jersey 07107 For more information, go to www.njifma.com
OPEWELL, NJ — American Real Es- tate Partners , in conjunction with their finan- cial partner, Siguler Guff & Company, LP announced the $28.6 million ($84/foot) acqui- sition of a 341,000 s/f class A office campus in Hopewell, just south of Princeton within one of the strongest corpo- rate office/pharmaceutical corridors in the Northeast. The three building complex is located at 1700, 1750 and 1800 Merrill Lynch Dr. and was developed in 2000 to the highest corporate standards as part of the 12-building, 1.8 million s/f Bank of America Hopewell Campus. The com- plex is currently home to Bank of America’s Private Wealth Management and Investment Banking Divisions but the three building portion of the campus which American Real Estate Partners purchased will become available for re- tenanting and positioning at the end of 2014. Speaking to American Real Estate Partners’ plans for the property, president Brian Katz said, “This innovative corporate complex incorpo- rates the highest quality of- fice product in the Princeton/ Hopewell market with the efficiencies that today’s cor- porate tenants are seeking. We see a great opportunity to bring to market a best in class corporate complex that has never previously been publicly available.” The conference and ame- nity center features a fully- equipped cafeteria, fitness center, outdoor patio seating and conference rooms. The complex provides structured parking at 3.5/1,000, redun- dant generator systems and easily configured demount- able partitions throughout the buildings, allowing for efficient tenant reconfigurations. The Princeton/Hopewell sub- market enjoys some of the lowestclass A vacancy rates in the Northeast Corridor, with a highly educated employee base, immediate access to I-95 and the nearby research cen- ters of Princeton and Rutgers Universities. The campus, with its brick, gabled buildings, fea- tures an extraordinarily walk- able environment with water features, mature foliage in the surrounding acres, screened parking and mechanical areas and scenic views. H
1700, 1750 and 1800 Merrill Lynch Dr.
Made with FlippingBook - Online Brochure Maker