Cushman & Wakefield, Inc. announced today that it served as the exclusive advisor to an affiliate of Austin, Texas based Capital Commercial Investments, Inc. and an investment fund partner in arranging $103,600,000 of acquisition financing for 1300, 1350 and 1400 Merrill Lynch Drive located in Hopewell, New Jersey. The financing was provided by affiliates of Barclays and Morgan Stanley.
The property consists of three Class A office buildings totaling 553,941 square feet within a larger campus consisting of a total of 1,788,961 square feet in 12 Class A office buildings. Of the 12 buildings in the campus, nine are currently occupied by Merrill Lynch. The other three buildings were sold in 2013 and subsequently vacated by Merrill Lynch and have since been fully leased back up to 100% by a diverse tenant roster.
Situated in the amenity-rich Princeton / Route 1 submarket, the property is currently 100 percent net leased to Merrill Lynch, Pierce, Fenner & Smith Inc. (S&P: A), a wholly owned subsidiary of Bank of America Corporation (S&P: BBB+) through November 30, 2024. The property supports operations of the Global Wealth & Investment Management division, a key business line of Merrill Lynch. The campus was built in 2000/2001 for Merrill Lynch and features exceptional design and amenities including structured parking, multiple cafeterias and an indoor basketball court. The campus is located off of a four-way interchange along Interstate 95 (Exit 3A) within Princeton’s business corridor.
“The Barclays and Morgan Stanley teams delivered a seamless execution for the borrower, understanding both the business plan as well as the best in class nature of the asset and larger market analysis. It was a great execution for CCI and their partner,” said John Alascio, a Cushman & Wakefield Executive Director.
A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio, Chris Moyer and Gloria Aboagye-Agyeman represented an affiliate of Capital Commercial Investments, Inc. and an investment fund partner.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
