One Tower Center in East Brunswick, a 23-story, 415,743-square-foot office complex, has sold for $38 million, real estate firm CBRE announced Monday.
American Equity Partners purchased the Class A building, which is home to the East Brunswick Hilton, as well as Withum, First Choice Loan Services, Prudential and others. The institutional seller was not disclosed. The CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zach McHale represented the seller and procured the buyer.
The 23-story One Tower, with neighbor Two Tower, represents the tallest office complex in Central Jersey, CBRE said. American Equity Partners plans an improvement program including reimagining the lobby and expanding amenities.
“American Equity Partners distinguished themselves throughout our process, moving quickly to secure this opportunity,” Dunne, a vice chairman, said in a prepared statement. “The team was aggressive from the outset, knowing this was a unique opportunity to acquire a Class A asset on a value-add basis.”
The building is currently at 39% occupancy, including an available block of space in excess of 100,000 square feet, CBRE said.
“American Equity Partners has become a force in the value-add space in our market,” Neuer, an executive vice president, said in a statement. “We look forward to seeing their work on this asset and expect to see significant leasing success in the very near future.”