American Real Estate Partners and Independencia Asset Management paid a reported $90 million to buy three buildings at the Merrill Lynch Hopewell Campus in Hopewell, N.J.
The office properties at 1100, 1150 and 1200 Merrill Lynch Drive are fully occupied by Merrill Lynch & Co. and Bank of America for their corporate offices. The tenants have an 11-and-a-half-year lease on the space. A 761-space parking garage was included in the transaction.
The structures are part of an overall 12-building, 1.8-million-square-foot campus occupied by the financial institutions. Fortress Investment Group bought that campus for $375 million late last year and was the seller of the three buildings to American Real Estate Partners.
“It’s a beautiful trophy asset,” said Doug Fleit, chief executive officer of American Real Estate Partners. “Who wouldn’t want it?”
The Herndon, Va., real estate company focuses on buying well-leased trophy assets.
Source: Philadelphia Business Journal
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