HOPEWELL, NJ-American Real Estate Partners has acquired a 341,000-square-foot office complex within the Bank of America campus here just south of Princeton, paying $28.6 million.
The Virginia-based company made the acquisition with its financial partner, Siguler Guff & Company and plans to reposition the property.
The three-building complex at 1700, 1750 and 1800 Merrill Lynch Drive, developed in 2000, is part of the 12-building, 1.8 million-square-foot Bank of America campus. It currently houses BoA's private wealth management and investment banking divisions. However, the three buildings AREP purchased will be vacated at the end of 2014.
AREP's president Brian Katz said, "This innovative corporate complex incorporates the highest quality office product in the Princeton/Hopewell market with the efficiencies that today's corporate tenants are seeking. We see a great opportunity to bring to market a best-in-class corporate complex that has never previously been publicly available."
The conference and amenity center offers a fully-equipped cafeteria, fitness center, outdoor patio seating and conference rooms. The complex provides structured parking, back-up generator systems and moveable partitions throughout the buildings.
The campus offers a walkable environment with water features, mature foliage in the surrounding acres, screened parking and mechanical areas and scenic views.
The Princeton/Hopewell office market overall is very healthy, with some of the lowest Class A vacancy rates in the Northeast.
AREP's new property has immediate access to I-95 and the nearby research centers of Princeton and Rutgers Universities.
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