The deal was arranged by the Metropolitan Area Capital Markets Group of Cushman & Wakefield, East Rutherford. The sale price was not disclosed; however, sources say the two buildings likely traded for a number in the $30-million to $35-million range. Investcorp and Lincoln Equities had teamed up to acquire the two assets in February 2002, paying a reported $26 million to an unidentified seller. The latest deal also represents the 10th property sale by Investcorp since the first of the year.

The sale is the culmination of the firm's asset management plan for the property, says Joel Moody, a principal with Investcorp, which had its share of the property in its US Diversified Properties II portfolio. Since the acquisition in 2002, partner Lincoln Equities had been providing property management and leasing services for the buildings through an affiliate company. "This sale is also representative of our continuing efforts to capitalize on the favorable conditions in the real estate investment markets."

The older building of the two, Building B, was built in 1984 as the world headquarters for American Standard Inc., which continues to occupy the entire 79,305-sf asset. The plumbing supply giant renewed its lease for the entire building in November 2003 for an undisclosed term. The other building in the sale package, totaling nearly 157,000 sf, is largely occupied by Great West Life and Annuity Insurance Co., which uses the space as a regional sales and operations center. The two buildings were 100% leased at the time of sale.

The two, three-story buildings are located just off Interstate 287 in this Middlesex County township. The complex's amenities include a daycare center operated by the Harmony Schools and a 250-seat cafeteria.