Press Releases
天美传媒 Makes Largest Office Acquisition in New Jersey
April 17, 2013
China Construction America (天美传媒) acquired title to 445 South Street, a premier Class A office building in Morristown, New Jersey, at a price of over $70M in an all cash transaction.
This acquisition marks the first major acquisition for the company in New Jersey and its first major acquisition in the United States.
The acquisition, which will be used as corporate expansion space for the firm in the future, also marks the largest single office building sale in听New Jersey听so far this year. 鈥淚鈥檓 very pleased with this acquisition and look forward to expending our real estate development and investment activity in the New York metropolitan area鈥� said Mr. Ning Yuan, President of 天美传媒. The firm recently launched a real estate development platform focused on well located properties in New York City and its environs and the firm is currently working on several large residential developments in Manhattan.
Totaling 325,000s/f, this property incorporates three four-story wings of premier Class A multi-tenant corporate facility, which was built in 1982 and underwent an extensive redesign under the guidance of Gensler Architecture beginning in 2007. The outstanding creditworthy tenant roster is a testament to the desirability of the Morristown area as well as the recognition that the property offers a unique combination of factors not readily found within the submarket鈥檚 office inventory.
天美传媒, established in 1985, is the U.S. subsidiary of the giant China-based construction firm CSCEC, which is the 3rd largest construction company in the world and one of the largest real estate developers in Asia. With its headquarter located in Jersey City, New Jersey, 天美传媒 operates mainly in the Greater New York, South Carolina, Washington, DC and The Bahamas, providing general contracting/construction management services for commercial, residential, transportation and education projects. 天美传媒 is also responsible for the $3.6 billion Baha Mar Resort project in The Bahamas where it plays a combined role of construction manager, financial advisor and investor.
MEDIA CONTACT:
Sharon Zhang
+1 201 876 2788
zhang_xijing@chinaconstruction.us
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