TIAA Buys South Brunswick Office Property
TIAA Global Asset Management acquired the 220k SF 51 Commerce Drive in South Brunswick Township from Ivy Equities for an unspecified price. During its ownership, Ivy invested more than $1M to upgrade the space, helping drive occupancy at the building.
The property is fully occupied by such tenants as Lenox, EDA International, Salesmaster Associates and Halsted Corp.
Among other improvements, Ivy renovated the mezzanine space, modernized the sprinkler system, upgraded the warehouse to LED lighting and built new office restrooms, NJ Biz reports. Cushman & Wakefield's Gary Gabriel oversaw the deal, along with colleagues Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald. [NJBiz]