Cushman & Wakefield completes $61.925 million sale

East 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 sold for $61.925 million, according to Cushman & Wakefield, a sale price that factors out to $153 per s/f. The firm’s Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, H. Gary Gabriel, Brian Whitmer and Nicholas Karali represented the seller, an institutional owner, and procured 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.” Two Tower Center consists of 16 floors of office space atop a seven-story, 1,490-car parking 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 constructed in 1988, the property recently underwent $2.2 million 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 percent at the time of sale. Major tenants include PNC Bank, which occupies a total of 131,300 square feet and has building signage. Other key tenants include Wipro Technology, McCarter & English, Delphi Technologies, and Ceres Terminals. “This transaction represents the broadening level of investor demand we have been seeing all year,” said Karali. “While some markets have struggled, the appetite for suburban office product has been increasing throughout 2015, particularly for well-located properties near transportation hubs. It’s a trend that we expect to continue.”