BET Investments Buys 155,000-SF Office Building

PA Knightsbridge had retained Cushman & Wakefield's Metropolitan Area Financial Services Group late last year to move the asset. "PA Knightsbridge had acquired 33 Knightsbridge Rd. from the original developer on behalf of a closed-end fund back in 1990," according to Gary Gabriel, a senior director for C&W's Metropolitan Area FSG. "The fixed life of the fund mandated the sale."

The class A building has housed the headquarters of Telcordia Technologies since it was built back in the early 1980s. Telcordia, a networking information solutions and communications company, was formerly known as Bellcore. The company is currently in the process of moving from 33 Knightsbridge Rd. and several other locations in the region, consolidating to a new build-to-suit facility nearby.

Telcordia's move will effectively put the entire facility on the market for lease. In terms of the effort to sell the property, "Telcordia's relocation created the significant challenge to market an empty building," Gabriel says.

Located just off of a four-way interchange of I-287 in Middlesex County in the central part of the state023, the building "offers flexibility for single- or multi-tenant use," Gabriel continues. "We were able to procure several qualified investors on behalf of the seller. BET Investments has acquired an asset with future growth potential."

BET Investments, based in Huntingdon Valley, PA, is a real estate development and management company with more than two million sf of office buildings, shopping centers and warehouses in several states in the eastern US. The company was founded four years ago by Bruce E. Toll of Toll Brothers, a builder of luxury homes whose other subsidiaries include Westminster Mortgage Corp. and Advanced Broadband.

C&W's Metropolitan Area FSG specializes in real estate investment banking in the New York City suburbs of Northern New Jersey, Long Island and Westchester County, NY and Fairfield County, CT.