Both sides were represented by CB Richard Ellis. They declined to release the sale price, but industry sources put the transaction in the $18-million to $20-million range.
The 120,000-sf class A building was developed in 1984 for AT&T. Located within the five-building Somerset Corporate Park near Interstate 78, the asset is currently 90% leased to a tenant roster that includes Verizon Wireless, Ibiquity Digital Corp., SBI Group and Lancaster Mortgage Bankers.
"We have been actively operating in this market for several years, and we see sustained improvement," says Hines vice president Kevin Tartaglione. That involvement includes the development of Bridgewater Crossing in Bridgewater, and the acquisition and disposition of both Gatehall IV in Parsippany and 2 Montgomery St. in Jersey City. Tartaglione adds that Hines will manage the building and improvements are also in the works focusing on the building's lobby and its mechanical systems.
The Hines US Office Value Added Fund was formed in December 2003 to buy CBD and suburban office properties as value-added assets. Its previous acquisitions have come in Atlanta, Southern California and suburban Chicago.
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