The acquisition has been in the works for nearly two years, ever since PREI announced plans to buy the three-building, 112-acre complex and redevelop it as American Metro Center, a 450,000-sf class A office complex. The closing of the transaction and the start of the site's redevelopment was sparked, say officials, by the fact that PREI has lined up 11 local tenants that will make the project approximately 30% pre-leased. The 11 tenants have not been identified.

"We've been enthusiastic supporter of Preferred Real Estate from the very beginning, and we're pleased that they will now move ahead with their plans for the site," says Aris Chicles, vice president of business development for American Standard. The seller, a Piscataway, NJ-based manufacturing conglomerate that makes everything from air conditioning and bath and kitchen products to automotive products, shuttered the outdated plant a number of years ago.

What PREI has in mind for the vintage World War I-era complex, which is situated adjacent to the Hamilton commuter train station in the Princeton area, is to restore its terracotta tile exterior, mosaic design work and red-brick walls. The finished complex will offer industrially inherent features like high-bay ceilings and oversized window bays, along with such modern amenities as conference rooms, auditoriums, a fitness center and a full-service cafeteria, according to plans laid out by PREI officials.