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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.

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