HERNDON, Va., March 27, 2014 /PRNewswire/ -- American Real Estate Partners, in conjunction with their financial partner, Siguler Guff & Company, LP, today announced the $28.6 million ($84/foot) acquisition of a 341,000 square foot Class A office campus in Hopewell, NJ, just south of Princeton within one of the strongest corporate office/pharmaceutical corridors in the Northeast. The three building complex is located at 1700, 1750 and 1800 Merrill Lynch Drive and was developed in 2000 to the highest corporate standards as part of the 12-building, 1.8 million square foot Bank of America Hopewell Campus. The complex is currently home to Bank of America's Private Wealth Management and Investment Banking Divisions but the three building portion of the campus which American Real Estate Partners purchased will become available for re-tenanting and positioning at the end of 2014.
Speaking to American Real Estate Partners' plans for the property, 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 features a fully-equipped cafeteria, fitness center, outdoor patio seating and conference rooms. The complex provides structured parking at 3.5/1,000, redundant generator systems and easily configured demountable partitions throughout the buildings, allowing for efficient tenant reconfigurations.
The Princeton/Hopewell submarket enjoys some of the lowest Class A vacancy rates in the Northeast Corridor, with a highly educated employee base, immediate access to I-95 and the nearby research centers of Princeton and Rutgers Universities. The campus, with its brick, gabled buildings, features an extraordinarily walkable environment with water features, mature foliage in the surrounding acres, screened parking and mechanical areas and scenic views.
About American Real Estate Partners
American Real Estate Partners, one of the most experienced real estate operating platforms in the United States, concentrates on commercial real estate assets and real estate financial instruments in markets along the Eastern Seaboard of the United States, including Washington, D.C., Virginia, Maryland, Raleigh-Durham, Florida, New Jersey and New York. The firm's current holdings total approximately 5.2 million square feet of Class A office, flex and industrial assets. More information about American Real Estate Partners can be found at www.americanrepartners.com.
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