"The acquisition of the Florham Park office portfolio builds upon Investcorp's investments in the Northern New Jersey office sector," says Jon Dracos, member of Investcorp's Management Committee. "Furthermore, this acquisition, along with other recent office investments in other targeted markets throughout the U.S., demonstrates Investcorp's on-going commitment to the office investment sector." This acquisition is the 16th office and/or industrial property acquired by Investcorp in 2002.

Two of the buildings are fully-leased by AT&T Corp and house the headquarters of that company's AT&T Labs Research division. Novartis Pharmaceuticals Corp. occupies a majority of space in the third building. Undisclosed brokerage at New York-based Cushman & Wakefield negotiated the transaction of behalf of Manhattan-based The Rockefeller Group. Brokerage for Investcorp was undisclosed.

The Rockefeller Group will retain both the name of the park and ownership of a 55-acre undeveloped section of the site. They plan to construct a 230,000-sf facility on the space, although those details were not released.