EAST BRUNSWICK, NJ—A well-known landmark just off Exit 9 of the New Jersey Turnpike, Two Tower Center, has been sold for $61.925 million. Cushman & Wakefield brokered the sale of the 405,600-square-foot class A office building for nearly $153 per square foot.

The brokerage firm did not name the buyer and seller in its announcement of the transaction, but seems to have lifted the curtain a bit in its separate release about the financing it arranged for the transaction.

That release says Cushman & Wakefield's Equity, Debt & Structured Finance team led by John Alascio, John Spreitzer and Andre Hass "served as exclusive advisor to an affiliate of BHN Associates" in arranging $58.75 million in a three-year acquisition financing for the through Basis Investment Group.

"Basis understood that this was a rare chance to finance such a building and facilitated a loan in an expedited time frame where other lenders could not meet the request and working needs of BHN," says Mr. Alascio, a Cushman & Wakefield Managing Director. It could not be confirmed last night if BNH was the buyer.

The firm's Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, H. Gary Gabriel, Brian Whitmer and Nicholas Karali represented the seller, an institutional owner, and procured the buyer.

"This is among the most recognizable office buildings in the state and attracted considerable interest from the investment community," says Gabriel. "The granite-clad, 23-story office tower includes amenities such as a five-story glass-enclosed atrium lobby, on site cafe, 24/7 security, structured parking and an upscale business center."

Two Tower Center consists of 16 floors of office space atop a seven-story, 1,490-car parking structure on 4.6 acres. It is part of a mixed-use complex that includes the adjacent One Tower Center office building and a 405-room, full-service Hilton Hotel. Originally constructed in 1988, the property recently underwent $2.2 million of upgrades. In addition to direct access to the New Jersey Turnpike, Two Tower Center is close to New Jersey Routes 1 and 18, and is located 35 miles from New York City.

Building occupancy was 82 percent at the time of sale. Major tenants include PNC Bank, which occupies a total of 131,300 square feet and has building signage. Other key tenants include Wipro Technology, McCarter & English, Delphi Technologies, and Ceres Terminals.

"This transaction represents the broadening level of investor demand we have been seeing all year," says Karali. "While some markets have struggled, the appetite for suburban office product has been increasing throughout 2015, particularly for well-located properties near transportation hubs. It's a trend that we expect to continue."