HOPEWELL, NJ-A part of the Merrill Lynch campus here has been acquired by American Real Estate Partners, which is on a campaign to build its portfolio of “mission-critical” facilities along the East Coast.
American and its partner Independencia Asset Management have taken possession of the three-building, 380,000-square-foot complex at 1100, 1150 and 1200 Merrill Lynch Drive.
Merrill Lynch occupies a total of 1.8 million square feet in 12 buildings at the Hopewell campus, which was built in 2000. The three buildings acquired by American house the corporate office space, data center and PBX facility. A 761-space parking garage is included in the purchase.
“This is the finest corporate office park in the entire Princeton office market, befitting a prestigious firm such as Merrill Lynch,” says Doug Fleit, CEO of American.
He tells GlobeSt.com that the company plans to step up its acquisitions of best-in-class properties along the East Coast.
“We have acquired about 10.5 million square feet of property, worth about $2.2 billion,” Fleit says. “We're going to be acquiring at a more rapid pace than in the past.”
American has purchased Westgate Corporate Center in Basking Ridge. It also owns properties such as Riverside on the James, a trophy office and retail building on the James River in downtown Richmond, VA; Summit at Washingtonian in Gaithersburg, MD; and 1140 19thStreet in Washington DC, which was renovated to Class A status earlier this year.
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