The New York office of Hines announced that the firm's U.S. Office Value Added Fund has purchased 20 Independence Boulevard in Warren, New Jersey, from Miranda Office Partners. The four-story, 120,000-ft², Class A office building is located in Somerset Corporate Park, an office campus comprised of five buildings, off of Interstate I-78 at Exit 33 in Somerset County.
20 Independence Boulevard was developed in 1984 for AT&T. Hines plans to substantially improve the property by renovating the lobby, performing mechanical upgrades and improving the site.
Hines Vice President Kevin Tartaglione commented: "We have been actively operating in this market for several years, and we see sustained improvement. We think 20 Independence will be an outstanding investment."
Hines will manage the building, which is currently 90% leased to tenants including Verizon Wireless, Ibiquity Digital Corporation, SBI Group and Lancaster Mortgage Bankers.
CB Richard Ellis represented both Hines and the seller in the transaction.
Hines' involvement in the New Jersey office market also includes: the development of Bridgewater Crossing in Bridgewater, NJ; and the acquisition and disposition of both Gatehall IV in Parsippany, NJ and of 2 Montgomery Street in Jersey City, New Jersey.
Hines Senior Vice President and fund manager Dave Congdon added: "We are pleased to have purchased such a well-located asset in a dynamic market. This section of New Jersey is clearly in demand by corporate tenants, who can take advantage of the extensive highway system to draw and accommodate employees traveling from different directions. A renovated 20 Independence Boulevard will ensure long-term occupancy."