Cushman & Wakefield's Metropolitan Area Capital Markets Group (CMG) represented the seller and procured the buyer as Two Tower Center Boulevard, a Class-A office building just off Exit 9 of the New Jersey Turnpike, traded hands for $61.925 million, or roughly $153 per square foot. An affiliate of BHN Associates LLC secured $58.75 million of acquisition financing provided by Basis Investment Group, according to a press release. Full terms of the deal were not disclosed.
"This is considered the premier office building in this submarket. The property benefits from unparalleled recognition and access off of the New Jersey Turnpike and as such offered a lender a combination of diverse tenancy with credit and term to support the loan request," said Mr. Alascio, a Cushman & Wakefield Managing Director. "Basis understood that this was a rare chance to finance such a building and facilitated a loan in an expedited time frame where other lenders could not meet the request and working needs of BHN."
The 23-story office building located in East Brunswick, New Jersey is a 405,597 square foot, granite clad trophy office building with 16 office floors that sit above a parking structure. Two Tower Center was originally constructed in 1988 and designed by The Stubbins Associates, Inc. The property was 82% leased at the time of sale with major tenants including PNC Bank, Wipro Technology, McCarter & English, Delphi Technologies, and Ceres Terminals.
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