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GlobeSt.com EXCLUSIVE: Investcorp Pays $110M-Plus for 600,000-SF Class A Triplet

FLORHAM PARK, NJ-The New York-based arm of the global investment group will announce later today that it has acquired three office buildings at 180 Park Ave. here from The Rockefeller Group for a price in excess of $110M. The 606,622-sf purchase was made in conjunction with Lincoln Equities Group, which will act as leasing agent and property manager for the assets.

By Michael Gilliard | Updated on November 27, 2002

FLORHAM PARK, NJ-The New York-based arm of global investment group Investcorp will announce later today that it has paid $110M-plus for three class A office buildings in the 89.5-acre Rockefeller Group Corporate Park, located on Rte. 24 at 180 Park Ave. here. The 606,622-sf acquisition from the Manhattan-based Rockefeller Group was made in conjunction with Rutherford, NJ-based Lincoln Equities Group, which will assume leasing agent and property management duties.

“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.

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