The buyers for the three New Jersey properties are Invesco Real Estate and Onyx Equities. The sale prices for the individual assets were not disclosed but, according to an industry source, the three went for a combined total of "upwards of $100 million."

The sale of the three actually came down as separate transactions arranged by Cushman & Wakefield's Metropolitan Area Capital Markets Group, East Rutherford. The latter repped the sellers and procured the two buyers.

The largest of the three is the Meadows Office Complex, a two-building, 578,000-sf class A property at the intersection of Routes 3 and 17 here, which Invesco and Onyx bought together as a joint venture. At the time of sale, the building was 85% leased to multiple tenants.

Separately, Invesco bought Eagle Rock Executive Offices IV, a 178,000-sf class A complex in East Hanover. The building is 95% occupied with a tenant roster that includes Prudential, Ceridian and Market Measures, among others.

Also separately, Onyx picked up Rockaway 80 in Rockaway. The 257,000-sf building is currently 86% leased to three tenants, Hartford Fire Insurance, Warner Chilcott and Reed Elsevier, a publishing company.

"The successful sales of these properties is the result of the implementation of specific operating plans for these assets, and are part of our continuing efforts to capitalize on the favorable conditions in the real estate investment markets," says Joel Moody, a principal at the New York-based Investcorp, which has now sold off a half-dozen properties just since the beginning of the year. Investcorp, Crow and Lincoln Equities bought the three properties in early 2000.

"This strategic disposition achieved a solid return on their initial investment as the sellers took advantage of record demand for quality office assets in the region," says Gary Gabriel, executive director with C&W's CMG. Gabriel worked with the firm's Andrew Merin, David Bernhaut and Jose Cruz on the transaction.

"The acquisition presented a number of opportunities for Invesco and Onyx, involving three highly desirable assets, each with their own distinct merits," Gabriel says. "Undertaking the simultaneous purchase of all three properties illustrates the depth of both companies as they continue to expand their office holdings in the region."

Instant Insights /

Partnership Sells Off 1M-SF North Jersey Portfolio

Related Stories

Recommended For You