Iselin, N.J. – May 14, 2009 – (RealEstateRama) — The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $2 billion, has announced the acquisition of a 98,459-square-foot four-story office building located at 186 Wood Avenue in Iselin, N.J. from Siemens Corporation. The acquisition was made on behalf of Hampshire Partners Fund VII, Hampshire’s $350 million institutional real estate investment fund.
Ms. Armstrong will participate in all financial reporting, accounting and tax matters pertaining to the company. Ms. Armstrong has more than 20 years of accounting experience having previously worked for Coopers & Lybrand, RJR Nabisco and AT&T. She holds a bachelor’s degree in Finance from the University of Rhode Island and a master’s degree in business from Rutgers University.
Situated on more than 19 acres, the property is ideally located within the heart of Metropark, offering close proximity to New Jersey Transit, The Garden State Parkway, New Jersey Turnpike, I-287 and Routes 1 and 27.
The Hampshire Companies plan to redevelop the site through a phased strategy approach which includes taking the existing building down to the steel and completely renovating it, and a proposed new second building. Once renovated and expanded, the existing building will become the new gateway to The Hampshire Companies development site. The site will be designed to create a signature image for the building and future development.
The expansion of the existing building will create a 110,000-square-foot, four-story, Class A office building with floor to ceiling glass and a spectacular 2,500-square-foot rooftop penthouse conference facility, all overlooking a proposed green roof. The building will be designed to accommodate multiple tenants and Hampshire is pursuing LEED Silver certification. The site also provides capacity to build up to 741,000 square feet, which Hampshire will look to develop over time.
“This site provides us with the unique opportunity to create one of the foremost office developments in the state,” said Todd Anderson, a Principal of The Hampshire Companies. “The high tenant demand for the area is evident in the exceptional base of Fortune 500 corporations located within Metropark. Our redevelopment and planned upgrades to the property will transform the site in to a premier headquarters-quality space for a variety of leading corporations.”
Jeffrey Dunne and Kevin Welsh of CB Richard Ellis’ New York Institutional Group collaborated with Jeffrey Babikian on behalf of Siemens Corporation.
About Hampshire Partners Fund VII
Hampshire Partners Fund VII is a commingled, discretionary value-added real estate investment fund. The goal of Hampshire Partners Fund VII is to deliver superior, above-market returns to its institutional investors through the acquisition, repositioning and operation of investment-grade properties in attractive locations. The focus of investment for this value-add fund is on industrial, retail and suburban office products located in the growth corridors of the Northeast and Mid-Atlantic.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment fund manager based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments in order to consistently outperform the market. Additional information on the Hampshire Companies and its funds is available online at www.hampshireco.com.
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