One Tower Center in New Jersey sells for $38m

American Equity Partners has paid $38m for the One Tower Center in East Brunswick, New Jersey. Located at the crossroads of Routes 1 and 18 and Exit 9 of the New Jersey Turnpike, the 23-story, 415,743 sq ft property is currently 39 percent leased. Tenants include Withum, First Choice Loan Services (a Berkshire Bank company), LS Power, Heritage Pharmaceuticals and Prudential. The buyer intends to improve and reposition the asset by redesigning the lobby, expanding the amenity package and reinvigorating the trophy asset. CBRE represented the seller, an institutional seller, and also procured the buyer.

“American Equity Partners distinguished themselves throughout our process, moving quickly to secure this opportunity,” said Jeffrey Dunne, vice chairman of 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.”