Loeb Partners Buys Two-Building, 237,000-SF Office Complex

PISCATAWAY, NJ-New York City-based Loeb Partners has acquired two office buildings totaling 237,000 sf within One Centennial Plaza here. LEG-INV II LLC, a partnership of the New York City-based Investcorp and Lincoln Equities of Rutherford, sold the two offices, which are part of a four-building class A office complex; the other two buildings are under separate ownership.

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.”