On Monday, CBRE announced the sale of One Tower Center in East Brunswick for $38 million.
At 23-stories, the building, along with Two Tower, is the tallest office complex in central New Jersey, providing tenants with unmatched views, signage and presence within the market.
CBRE Institutional Properties team, which includes Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zach McHale, represented an institutional seller and also procured the buyer, American Equity Partners.
Well situated at the crossroads of Routes 1 and 18 and Exit 9 of the New Jersey Turnpike, One Tower is a Class A “value-add” opportunity given its current occupancy at 39 percent.
One Tower is part of the three-building Tower Center complex that includes The East Brunswick Hilton.
The 415,743-square-foot building is currently the home to Withum, First Choice Loan Services (A Berkshire Bank Company), LS Power, Heritage Pharmaceuticals and Prudential.
American Equity Partners plans to improve and reposition One Tower by reimagining the lobby, expanding the amenity package and reinvigorating the asset. The building offers one of the few blocks in excess of 100,000 square feet in the market and the planned improvements are aimed at capturing a large user who will benefit from a modern work environment.