The New York office of Hines, an international real estate firm, announced that the firm’s U.S. Office Value Added Fund has purchased 20 Independence Blvd. in Warren, N.J., from Miranda Office Partners. 

The value of the transaction was not disclosed.

The four-story, 120,000-square-foot, 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.

The property 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 will manage the building, which was 90 percent leased at closing to tenants that included Verizon Wireless, Ibiquity Digital Corp., SBI Group and Lancaster Mortgage Bankers.

The Hines U.S. Office Value Added Fund was formed in December 2003 to acquire office properties in CBD and suburban markets.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription