American Equity Partners Buys East Brunswick Office Tower
American Equity Partners plans to improve and reposition the 23-story One Tower by reimagining the lobby, expanding the amenity package and “reinvigorating the trophy asset,” CBRE reports.
EAST BRUNSWICK, NJ—American Equity Partners of Edison, NJ has acquired the nearly 416,000-square-foot One Tower Center office building here for $38 million.
The transaction was reported by CBRE. The firm’s Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zach McHale represented an institutional seller and procured the buyer, American Equity Partners, in the deal.
American Equity Partners plans to improve and reposition the 23-story One Tower by reimagining the lobby, expanding the amenity package and “reinvigorating the trophy asset,” CBRE reports. The building offers one of the few blocks in excess of 100,000 square-feet in the market and the planned improvements are aimed at capturing a large user who will benefit from a modern work environment.
“American Equity Partners distinguished themselves throughout our process, moving quickly to secure this opportunity,” Dunne, vice chairman, CBRE, says. “The team was aggressive from the outset, knowing this was a unique opportunity to acquire a Class A asset on a value-add basis.”
One Tower’s current occupancy rate is 39%. Part of the three-building Tower Center complex that includes The East Brunswick Hilton, the 415,743-square-foot building is currently the home to Withum, First Choice Loan Services (a Berkshire Bank Company), LS Power, Heritage Pharmaceuticals and Prudential.
The building, along with Two Tower, is the tallest office complex in Central New Jersey.
“American Equity Partners has become a force in the value-add space in our market. We look forward to seeing their work on this asset and expect to see significant leasing success in the very near future,” Neuer, EVP, CBRE, adds.