X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ISELIN, NJ-A 98,459-square-foot building located in Metropark is now in the possession of Hampshire Partners VII, a $350-million institutional real estate fund managed by the Hampshire Co. Siemens Corp. sold the building, which sits on 19 acres at 186 Wood Ave. South.

A spokesperson for Hampshire tells GlobeSt.com that the purchase price is not being released. However, according to a release from Hampshire, the company states it plans to strip the existing building down to its steel and expand it into a 110,000-square-foot, four-story class A office complex enclosed by floor-to-ceiling glass with a 2,500-square-foot rooftop penthouse conference facility overlooking a green roof. Hampshire intends to pursue LEED Silver certification for the property that will be designed to accommodate multiple tenants. The site also has the potential for an additional 741,000 square feet of development.

“This site provides us with the unique opportunity to create one of the foremost office developments in the state,” says Todd Anderson, a principal of the Hampshire Co. in a statement. “Our redevelopment and planned upgrades to the property will transform the site into a premier headquarters-quality space for a variety of leading corporations.”

Among the tenants currently located in Metropark are Cisco Systems, IBM, JPMorgan, Microsoft, Prudential and Wachovia. The property sits near a train station, the Garden State Parkway, New Jersey Turnpike and Interstate 287. A 200-room Hilton Hotel and Conference Center is across from the site.

Jeffrey Dunne and Kevin Welsh of CB Richard Ellis’ New York Institutional Group collaborated with Jeffrey Babikian on behalf of Siemens Corp.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.