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NEPTUNE, NJ-New York City-based Armstrong Capital bought the 185,000-sf former CNA Insurance regional headquarters at 3501 Route 66 this past fall, and the two-building complex is being prepped for multi-tenant use. Armstrong acquired it from CNA on behalf of its first office fund, AC Office Equity Fund LLC, for an undisclosed price, with the insurer shedding the real estate as part of a company-wide reorganization that included taking new space in Cranbury.

Armstrong Capital has hired Cushman & Wakefield to find tenants for the site. The 50-acre property consists of two interconnected, three-story class A office buildings of 105,000 sf and 80,000 sf. Units are available from 12,000 sf, according to David Zwang of C&W’s Morristown office, who’s heading the assignment. C&W’s Metropolitan Area Capital Markets Group had previously orchestrated the sale to Armstrong.

“This high-profile property is being marketed for multi-tenant use for the first time in its history,” Zwang says. “It represents one of only a few large blocks of available class A space in Monmouth County, and we are already seeing significant interest. Armstrong Capital is putting a program in place to upgrade and reposition the buildings.”

Located at the intersection of routes 66, 35 and 33 directly across from an AIG regional headquarters, the property formerly housed operations for Blue Cross/Blue Shield and Physicians HealthNet, prior to CNA. The space has not yet been listed with an asking price, but comparable space nearby is listed in a range of $23 to $27 per sf.

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