The joint venturers have acquired the 130,000-sf former Raytheon building at 160 Chubb Ave. here, and have launched a multi-million-dollar revamp aimed at repositioning it for class A occupancy. It will be renamed Meadowview Technology Center, and the new owners will be targeting class A users with high technology needs.

"This will allow us to enter one of the tightest office markets in the state and deliver a block of class A space in an under-built market," according to Lincoln Property Co.'s Michael Taylor. The Dallas-based LPC has its New Jersey offices in Edison.

"This acquisition reflects our investment and development strategy in this market," according to Taylor. The redeveloped building is expected to be ready for occupancy by late summer.

Lincoln, which will lease and manage the property, will put up a new curtain wall façade, along with new building systems and upgraded common areas. The building will be configured for space users requiring 20,000 sf and up. The Grad Partnership is the architect. Joint venturer ING Realty Partners is part of ING Barings Real Estate Finance, a subsidiary of the Netherlands-based ING Group, a worldwide financial services firm. ING Realty Partners has its North American offices in New York, Chicago and Los Angeles.

Joe Rasmussen, vice president of leasing for Gale & Wentworth, advised the seller, a privately held trust that was not named. Jeff Presant, director of Cushman & Wakefield of New Jersey, represented LPC in the transaction. The sale price was not disclosed.