The two assets include 301 Carnegie Dr., an existing 127,500-sfclass A office building, and 300 Carnegie Dr., an 8.2-acredevelopment parcel that was cleared earlier this year forconstruction of a three-story, 84,000-sf office building. Bothproperties were acquired by BPG in 2004 as part of a largermulti-propertyportfolio in New Jersey, New York and Pennsylvania.

"This transaction marks the completion of our value-addedstrategy for this property," says Christopher Locatell, VP of BPG,who was in charge of the acquisition, redevelopment and subsequentsale. "We repositioned and increased occupancy at 301 Carnegie,while creating additional value by getting final approvals andcompleting the design of the new building on the adjacentparcel."

In Q1 of this year, BPG wrapped up a multimillion-dollarrenovation of 301 Carnegie, which sits along Route 1 at one of themain entrances to the larger Carnegie Center office campus. Thatrenovation included a reconstruction of the main lobby, common areaupgrades and a new café.