BPG bulks up New Jersey portfolio with BASF buy.BPG BPG Blocks Per Game (basketball statistic) BPG Bisphosphoglycerate BPG Bi-National Planning Group (NORADHQ) BPG Belgian Polymer Group BPG Binational Planning Group Properties, Ltd. (BPG), the real estate investment manager for Berwind Property Group, Ltd. and other major institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , acquired the 950,000 s/f former BASF BASF Bar Association of San Francisco (since 1872; San Francisco, California) BASF Badische Anilin und Soda Fabrik (German chemical products company) BASF Builders Association of South Florida headquarters campus, located at 3000 Continental Drive North in Mount Olive Mount Olive is the name of several places: United States of America Cities and towns
The purchase was made by an affiliate of BPG on behalf of BPG Investment Partnership VII, L.P. ("Fund VII"), a fully discretionary private equity fund with total equity commitments of $550 million. Cushman & Wakefield coordinated the sale on behalf of BASF, which last year consolidated into two other Morris County, N.J., office properties. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Robert Donnelly Sr., who headed the disposition assignment with David Bernhaut and Robert Donnelly Jr., the offering drew significant interest from both the corporate and investment communities. Cushman & Wakefield has been named BPG's exclusive leasing agent for the campus. "This asset is one of the best high-end suburban properties in the northeast," commented Donnelly, Sr. "It offers top-quality office space, a quiet suburban setting and world-class amenities. For the corporate community, it will quickly gain recognition as the most attractive large-block leasing opportunity in the metropolitan New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of region." Affiliates of BPG currently own and operate more than 1.5 million square feet of existing office and industrial space within the greater Princeton, N.J., market with land for additional development of up to 700,000 square feet. The Mount Olive purchase extends the company's New Jersey holdings into the desirable Morris County region. "3000 Continental Drive North furthers our strategy of creating value through strategically acquiring and repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. well-located surplus real estate assets," noted Christopher J. Locatell, vice president of BPG Properties, Ltd., who was responsible for the acquisition and will oversee the repositioning of the property. "The property's quality and size make it unique in the northern New Jersey market. This combined with the attractive reverse commute A reverse commute is a round trip, regularly taken, from a metropolitan area to a suburban one in the morning, and returning in the evening. It is almost universally applied to the trip to work in the suburbs from home in the city. it provides in western Morris County and access to deep labor pools both in New Jersey and in eastern Pennsylvania make this an excellent acquisition." BPG will immediately begin capital improvements to the property's common areas which will be managed by BPG Management Company, L.P. The buildings will be marketed to tenants seeking blocks of 150,000 square feet or greater. |
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