East Brunswick’s Two Tower Center sold for 60M-plus

One of two towers in a well-known East Brunswick office complex has been sold for more than $60 million, according to commercial real estate services firm Cushman & Wakefield.The firm, which brokered the deal, did not identify either party in the trade of the 405,600-square-foot property known as Two Tower Center. The $61.925 million sale price amounts to nearly $153 per square foot for a building that was 82 percent leased at the time of the sale, with major tenants including PNC Bank, Wipro Technology and McCarter & English.

C&W’s Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, H. Gary Gabriel, Brian Whitmer and Nicholas Karali represented the seller and procured the buyer, according to a news release. Cushman & Wakefield’s Equity, Debt & Structured Finance team, led by John Alascio, arranged acquisition financing.

“This is among the most recognizable office buildings in the state and attracted considerable interest from the investment community,” Gabriel said in a prepared statement. “The granite-clad, 23-story office tower includes amenities such as a five-story glass-enclosed atrium lobby, on site cafe, 24/7 security, structured parking and an upscale business center.”

Two Tower Center consists of 16 floors of office space atop a seven-story, 1,490-car parking structure at a site just off New Jersey Turnpike Exit 9. It is part of a mixed-use complex along Route 18 that includes the adjacent One Tower Center office building and a 405-room Hilton Hotel.

The property was originally built in 1988 and recently underwent $2.2 million of upgrades, the news release said. PNC Bank, whose name adorns the side of the building, occupies 131,300 square feet within Two Tower Center.

“This transaction represents the broadening level of investor demand we have been seeing all year,” Karali said. “While some markets have struggled, the appetite for suburban office product has been increasing throughout 2015, particularly for well-located properties near transportation hubs. It’s a trend that we expect to continue.”