Real Estate Journal — New Jersey — January 15 - 28, 2016 — 3B
www.marejournal.com
M id A tlantic
N ew J ersey 405,600 s/f class A office building sells for $61.925 million Cushman & Wakefield completes sale of Two Tower Center in East Brunswick
AST BRUNSWICK, NJ — A well-known landmark just off Exit 9 of the New Jersey Turnpike, Two Tower Center has a new owner. The 405,600 s/f class A office building has been sold for $61.925 million, an- nounced Cushman & Wake- field, a sale price that factors out to nearly $153 psf. The firm’s Metropolitan Area Capital Markets Group (CMG) team of Andrew Me- rin , David Bernhaut , H. Gary Gabriel , Brian Whit- mer and Nicholas Karali represented the seller, an institutional owner, and pro- cured the buyer. Cushman & Wakefield’s Equity, Debt & Structured Finance team led by John Alascio arranged acquisition financing. “This is among the most recognizable office buildings in the state and attracted considerable interest from the investment community,” said Gabriel. “The granite-clad, 23-story office tower includes amenities such as a five-story glass-enclosed atrium lobby, on site cafe, 24/7 security, structured parking and an upscale business center.” E Avison Young reps landlord KBS in two transactions FLORHAM PARK, NJ — KBS Real Estate Invest- ment Trust II (KBS REIT II) announced the latest in a long line of lease transactions that have been completed at Park Ave. at Morris County— the real estate investment trust’s 1.2-million s/f office park in Florham Park — since KBS initiated a comprehen- sive, amenities-driven reposi- tioning of the property in 2014. Strategy and business solu- tions consulting firm Logical Design Solutions, Inc. (LDS) has signed anew 20,681 s/f lease at the office park’s 100 Campus building. Addition- ally, law firmGreenburg Trau- rig, LLP, an existing tenant, expanded its lease by 4,300 s/f for a total of 51,342 s/f. Due, in large part, to the comprehen- sive upgrades that have been made to the property, KBS has consummated more than 580,000 s/f of leases at Park Ave. since 2014. Jeffrey Heller and Wil- liam McCaffrey of Avison Young represented KBS REIT II in both transactions. n
Two Tower Center consists of 16 floors of office space atop a seven-story, 1,490-car park- ing structure on 4.6 acres. It is part of a mixed-use complex that includes the adjacent One Tower Center office building and a 405-room, full-service Hilton Hotel. Originally con- structed in 1988, the property recently underwent $2.2 mil- lion of upgrades. In addition to direct access to the New Jersey Turnpike, Two Tower Center is close to New Jersey Routes 1 and 18, and is located 35 miles from New York City. Building occupancy was 82% at the time of sale. Major ten-
ants include PNC Bank, which occupies a total of 131,300 s/f and has building signage. Other key tenants include Wipro Technology, McCarter & English, Delphi Technolo- gies, and Ceres Terminals. “This transaction represents the broadening level of inves- tor demand we have been seeing all year,” said Karali. “While some markets have struggled, the appetite for sub- urban office product has been increasing throughout 2015, particularly for well-located properties near transporta- tion hubs. It’s a trend that we expect to continue.” n
Two Tower Center
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