One Tower Center in East Brunswick — Courtesy: CBRE
By Joshua Burd
American Equity Partners has paid $38 million to acquire a piece of the Tower Center office complex in East Brunswick, under a transaction arranged by CBRE.
The buyer, a real estate investment firm, is now planning a series of upgrades at One Tower Center after purchasing the 23-story, 415,743-square-foot building at the nexus of routes 1 and 18 and the New Jersey Turnpike. CBRE touted the deal as a value-add opportunity, noting that the tower is currently 39 percent occupied.
The brokerage team, which includes Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zach McHale, represented the undisclosed institutional seller and procured the buyer.
“American Equity Partners distinguished themselves throughout our process, moving quickly to secure this opportunity,” said Dunne, a vice chairman with the firm. “The team was aggressive from the outset, knowing this was a unique opportunity to acquire a Class A asset on a value-add basis.”
Part of the three-building Tower Center complex, which also includes the East Brunswick Hilton, One Tower Center is home to Withum, First Choice Loan Services, LS Power, Heritage Pharmaceuticals and Prudential Financial, CBRE said. The building, along with Two Tower Center, is the tallest office complex in central New Jersey.
American Equity Partners plans to improve and reposition One Tower by redesigning the lobby and expanding the building’s amenities, aiming to capture a large user seeking a modern work environment, CBRE said. The brokers noted that the building offers one of the few blocks in excess of 100,000 square feet in the market.
“American Equity Partners has become a force in the value-add space in our market,” said Neuer an executive vice president with CBRE. “We look forward to seeing their work on this asset and expect to see significant leasing success in the very near future.”
