CBRE announces the sale of One Tower Center in East Brunswick for $38,000,000. The team including Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zach McHale of CBRE Institutional Properties represented an institutional seller and also procured the buyer, American Equity Partners.
Highly visible at 23 stories and well situated at the crossroads of Routes 1 and 18 and Exit 9 of the New Jersey Turnpike, One Tower is a Class A “value-add” opportunity given its current occupancy at 39%. Part of the three-building Tower Center complex that includes The East Brunswick Hilton, the 415,743± square-foot building is currently the home to Withum, First Choice Loan Services (A Berkshire Bank Company), LS Power, Heritage Pharmaceuticals and Prudential. At 23-stories, the building, along with Two Tower, is the tallest office complex in Central New Jersey, providing tenants with unmatched views, signage and presence within the market.
American Equity Partners plans to improve and reposition One Tower by reimagining the lobby, expanding the amenity package and reinvigorating the trophy asset. The building offers one of the few blocks in excess of 100,000 square-feet in the market and the planned improvements are aimed at capturing a large user who will benefit from a modern work environment.
“American Equity Partners distinguished themselves throughout our process, moving quickly to secure this opportunity,” said Dunne, vice chairman, CBRE. “The team was aggressive from the outset, knowing this was a unique opportunity to acquire a Class A asset on a value-add basis.”
“American Equity Partners has become a force in the value-add space in our market. We look forward to seeing their work on this asset and expect to see significant leasing success in the very near future,” added Neuer, executive vice president, CBRE.
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