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.
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