ING goes on $87M spree.

ING Clarion has acquired 275 Hartz Way in Secaucus, New Jersey for $52 million.

The acquisition was made on behalf of one of the firm's separate accounts clients. Cushman & Wakefield's Metropolitan Area Capital Markets Group acted as broker on the transaction.

Located in the Meadowlands, 275 Hartz Way is a 404,000 square foot, Class-A warehouse, data center, and retail building. The mixed-used property is 100 percent leased, with data center operator Equinix and Burlington Coat Factory as the two lead tenants.

"Hartz Way is located in a classic 'infill' location, a heavily populated urban area where there is substantial demand for space but little ability to add new construction," said Michael O'Connor, Senior Vice President at ING Clarion.

"The facility itself has been upgraded from a straightforward warehouse property to one that incorporates tenants in both retail and high technology. We are happy to add this building to our client's portfolio. "

ING Clarion also announced its acquisition of the Bank of America Tower in Boca Raton, Florida for $35.2 million.

Located in one of the strongest central business districts in South Florida, the nearly 110,000 square foot Bank of America Tower is one of Boca's premier office buildings.

Occupancy currently stands at 97.5 percent, with major tenants that include Bank of America, Merck, Charles Schwab and URS Corp.

"The Bank of America Tower is a great property in a terrific location with a strong roster of tenants," said Ed Rotter, Managing Director at ING Clarion.

"With the limited competition in the surrounding region and no new plans for competitive office developments underway, we are very excited about this acquisition."

Rotter noted that vacancy rates in the Boca Raton office sub-market are generally low, and are expected to fall futher by the end of 2005.

Demand is supported by regional job growth, with new hiring projected to average about 3.3 percent annually, nearly twice the national average.