CBRE announced today that Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE’s Institutional Properties group, in partnership with CBRE’s Matthew Saker and Alec Monaghan, represented Educational Testing Service (ETS) in the $18.75 million sale of 225 Phillips Blvd. in Ewing, New Jersey. The CBRE team was also responsible for procuring the buyer.
Originally built as a build-to-suit for ETS in 1995, 225 Phillips Blvd. totals approximately 310,000 sq. ft. of which 165,000 sq. ft. is currently office space and 145,000 sq. ft. is warehouse and print space. ETS will leaseback the building for a short period of time providing the buyer with the opportunity to commence marketing in advance of the building becoming available.
CBRE Vice Chairman, Mr. Jeffrey Dunne commented, “This building is truly one-of-one in the market given its mix of office and warehouse space. ETS maintained the building in an immaculate state and the quality of both the initial construction and the additional capital invested recently helped drive interest during the marketing process.”
“The buyer immediately saw the value in the building and the existing infrastructure. ETS recently upgraded the building common areas and added a full building generator to provide uninterrupted power throughout,” added Mr. Neuer, Executive Vice President, CBRE.
CBRE Institutional Properties has several other investment opportunities on the market including: 80 Park Plaza, a 973,610 sq. ft. Class A office building in Newark, NJ that serves as PSEG’s headquarters; Studio Park, a 200,000 sq. ft. flex building in Hamilton, NJ that is 98% leased; and Plaza Square, a 415-unit apartment complex in New Brunswick, NJ.
