Wells Buys 385,000-SF Office Campus

The sellers of the two buildings, which are fully occupied by AT&T on a long-term basis, were the New York-based Investcorp and Lincoln Equities Group, which has its New Jersey office in Rutherford. AT&T uses the site to house its AT&T Labs Research division. The property is part of a 90-acre, 840,000-sf office park formerly known as the Rockefeller Group Corporate Park.

Investcorp and Lincoln Equities had acquired the two buildings and a third adjacent building from original developer the Rockefeller Group in the fall of 2002, paying a reported $110 million for 607,000-sf trio of buildings. The third building, which is primarily leased by Novartis, was not part of this sale.

Terms of the latest sale, including the sale price, were not disclosed. However, sources familiar with current activity and class A office values in the market say the two buildings likely traded for a number in excess of $75 million, or close to $200 per sf.

"The northern New Jersey market is the sixth largest office market in the country, and is home to many of the country's top corporate facilities," says David Steinwedell, chief investment officer for Wells Real Estate Funds. "With the purchase of 180 Park Ave., Wells Real Estate Funds now owns nearly $400 million of class A property in this dynamic market."

Investcorp and Lincoln Equities, which has been handling the management and leasing chores for the three buildings a 180 Park Ave., retain the third building. The Rockefeller Group also retains an ownership interest in the park, specifically a piece of land comprising about half of the total site, but has not announced its plans for potential development of its holdings.