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300,000-SF Telecom Building Reportedly Sold for $60M

WEEHAWKEN, NJ-300 Boulevard East, which features Cable & Wireless and Level 3 as its key tenants, is said to move from Argent's portfolio into that of CalPERS.

By Eric Peterson | Updated on December 02, 2002

WEEHAWKEN, NJ-Telecom buildings haven’t been a particularly hot real estate investment category over the last year or so, so it’s big news when a major one changes hands. According to sources, a joint venture of New York-based Argent Ventures, headed by Andrew Penson, along with Lehman Brothers, has just sold the 300,000-sf 300 Boulevard East here. The buyer is a joint venture between the California Public Employees Retirement System and CB Richard Ellis, which will manage the asset.

The Sacramento, CA-based retirement fund manager paid somewhere in the vicinity of $60 million for the asset, according to those sources, who did not wish to be identified. The buy is said to be on behalf of a CalPERS dedicated telecom property investment fund.

The transaction is also said by those sources to have been arranged by Douglas Harmon, managing director at Eastdil Realty in New York City. Reached by telephone, Harmon declined to comment on the transaction. Argent officials could not be reached for comment.

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