The acquisition has been in the works for nearly two years, eversince PREI announced plans to buy the three-building, 112-acrecomplex and redevelop it as American Metro Center, a 450,000-sfclass A office complex. The closing of the transaction and thestart of the site's redevelopment was sparked, say officials, bythe fact that PREI has lined up 11 local tenants that will make theproject approximately 30% pre-leased. The 11 tenants have not beenidentified.

"We've been enthusiastic supporter of Preferred Real Estate fromthe very beginning, and we're pleased that they will now move aheadwith their plans for the site," says Aris Chicles, vice presidentof business development for American Standard. The seller, aPiscataway, NJ-based manufacturing conglomerate that makeseverything from air conditioning and bath and kitchen products toautomotive products, shuttered the outdated plant a number of yearsago.

What PREI has in mind for the vintage World War I-era complex,which is situated adjacent to the Hamilton commuter train stationin the Princeton area, is to restore its terracotta tile exterior,mosaic design work and red-brick walls. The finished complex willoffer industrially inherent features like high-bay ceilings andoversized window bays, along with such modern amenities asconference rooms, auditoriums, a fitness center and a full-servicecafeteria, according to plans laid out by PREI officials.