The property is located in one of the most attractive sub-markets in southern New Jersey.  A significant number of financial and business/professional services firms, along with healthcare and defense-related companies are taking advantage of the area’s low cost structure.  The surrounding residential communities are comprised of affluent, highly educated households and benefit from excellent schools and a wide variety of shopping centers and restaurants.  Built in 1987, the property consists of three office buildings and a total of 170,950 leaseable square feet.  At the time of acquisition, the property was 80% leased to eight high quality and diverse tenants, including Philadelphia Newspapers, ACE American Insurance Company, the Internal Revenue Service, and Thomson Scientific & Healthcare among others.

The investment has an income and growth oriented investment profile.  The acquisition price was approximately 80% of replacement cost.  With market fundamentals stabilized, the up-turn for office investing is being driven by a combination of renewed employment growth plus high land and construction costs limiting new development.