The buyer in the transaction, which was initiated more than a year ago when Archon Atlantic was still known as WP Commercial, was the Chicago-based Transwestern Investment Co., which is known as a value-added real estate investor. Further terms of the sale were not disclosed.
For Archon, Richard Previdi, regional director; John McNamara, director of dispositions; and Fred Arena, director of commercial real estate led the disposition transaction. Security Capital, the Los Angeles-based real estate investment bank, was the outside representative for Archon.
"The disposition of these assets is a part of our value-creation strategy," says Arena. "All of our investment objectives were realized for each of the assets.
Three of the sold assets are located in New Jersey, all in the northern part of the state. The largest of the properties is the 305,670-sf Mountain Heights I and II office complex, located in Berkeley Heights. The others are the Greenbrook Corporate Center, a 201,350-sf, three-story class A office building at 100 Passaic Ave. in Fairfield, NJ; and 180/188 Mt. Airy Rd., a 103,919-sf, two-building, class A facility in Basking Ridge, NJ.
The largest of the two Maryland properties changing hands in the transaction is Gateway Tower, a 248,589-sf, nine-story class A building in Rockville. The other is One Columbia Center, a 97,323-sf, four-story, class A building located in Columbia, MD.
The Archon Group was founded by Goldman Sachs in 1996 when the company acquired and consolidated the investment, asset management and development functions previously performed by third parties for a variety of private and institutional owners.
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