June 19, 2019
CBRE arranged the $38-million sale of One Tower Center, a 23-story office property in East Brunswick, NJ. The CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zach McHale represented an institutional seller and also procured the buyer, American Equity Partners.
Part of the three-building Tower Center complex that also includes Two Tower Center and the East Brunswick Hilton, the 415,743-square-foot One Tower represents a value-add opportunity with current occupancy at 39%. American Equity plans a repositioning of the property, which offers one of the few blocks of greater than 100,000 square feet in the Central Jersey office market.
“American Equity Partners distinguished themselves throughout our process, moving quickly to secure this opportunity,” said Dunne. “The team was aggressive from the outset, knowing this was a unique opportunity to acquire a Class A asset on a value-add basis.”
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