Investcorp has sold a portfolio of four office buildings in Northern New Jersey, as well as one mixed-use property in San Francisco, Calif., for undisclosed prices.
Investcorp, in partnership with Wilson Meany Sullivan LLC, sold One Powell Street in downtown San Francisco to SPI Holdings LLC. One Powell Street was originally built by the Bank of Italy (later Bank of America) as its headquarters in 1921. The historic American Renaissance-style structure is eight stories high and totals approximately 80,000 square feet. Investcorp and San Francisco-based developer Wilson Meany Sullivan purchased the property in August 2003. At that time, a major redevelopment was initiated to convert the building from its existing office/banking use to approximately 39,000 square feet of retail space and 44 residential apartments, while at the same time performing a seismic retrofit of the structure. The redevelopment was completed in January 2005. The retail space has been 100 percent leased to Bank of America and Forever 21.
In partnership with Crow Holdings and Lincoln Equities Group, Investcorp sold Meadows Office Complex in Rutherford, N.J.; Rockaway 80 Corporate Center in Rockaway, N.J.; and Eagle Rock Executive Office IV in East Hanover, N.J., totaling more than 1 million square feet. These properties were acquired by the partnership in February 2000. Meadows Office Complex and Eagle Rock Office IV were sold to affiliates of INVESCO, while Rockaway 80 Corporate Center was sold to affiliates of Onyx Equities. The Meadows Office Complex is a 589,000-square-foot, class A office complex consisting of two twin 12-story commercial office buildings located directly west of the Meadowlands Sports Complex at the intersection of Routes 3 and 17. Rockaway 80 Corporate Center is a seven-story, 257,000-square-foot, class A office building located in a wooded setting of Rockaway Township. Eagle Rock Executive Office IV is a 178,000-square-foot, three-story, class A office building in a high-end office park environment in East Hanover.
Investcorp’s New York-based team of real estate professionals focuses on high-quality existing commercial, hotel and residential properties.
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