Property Summaries

American Metro Center

On May 8th, 2006, Meritage Properties acquired American Metro Center, a 482,000 SF office building in Hamilton, NJ. This historic property was originally constructed in 1918 as a manufacturing facility for American Standard Company and has been completely renovated to first-class office space. Situated immediately adjacent to the new Hamilton Train Station and one quarter mile west of exit 65 of I-295/95, American Metro Center tenants benefit from superior access to both mass transit and the area highway system. Tenants utilizing the Hamilton Train Station have direct connection to Trenton (10 minutes), Philadelphia (40 minutes), New York's Penn Station (50 minutes), and Washington DC (2 ½ hours). In addition, commuters from Bucks County, Pennsylvania, save themselves approximately 30 minutes each way as they can avoid the heavily congested Princeton corridor along Route 1. With the property located just 5 miles south of Princeton, Tenants avoid local traffic with easy access around the city from the NJ Turnpike, I-295, and I-95.

85 Chestnut Ridge Road

On May 16, 2006, Meritage acquired 85 Chestnut Ridge Road, a 60,288 square foot office building located in the center of Montvale, New Jersey. The purchase price of $5,800,000 or approximately $96/SF represents a significant discount to replacement cost.  Executive Jet Corporation had utilized this building in the 1980’s and 1990’s as its corporate headquarters prior to being purchased by Berkshire Hathaway. The property maintains many corporate amenities such as mature landscaping and natural grounds, numerous separate private entrances, a private tennis court, and high visibility and signage on the Garden State Parkway.

Shattuck Office Center

On December 22, 2005, Meritage acquired Shattuck Office Center, a 62,806 SF class A office building located on River Road in Andover, Massachusetts. Constructed in 1984 and recently renovated, Shattuck offers many advantages including flexible floor plates to accommodate tenants seeking anywhere from 1,000 to 10,000 SF of space. Shattuck also boasts a renovated, spacious granite lobby featuring a two-story atrium and monumental stair with surrounding molded glass side panels. The building is 96.8% leased to a diverse group of credit tenants, including John Hancock and Yankee Alliance, together with several small software development and support companies.

Southboro Executive Place

On December 21, 2005, Meritage acquired Southboro Executive Place, a 70,762 SF office building located on Route 9 in Southborough, Massachusetts. The building, which affords tenants an outstanding 5:1,000 parking ratio, was originally constructed in 1987 for Ford Motor Company, and Ford remains a tenant of approximately two-thirds of the building through 2010. Recent building renovations include common area upgrades and installation of an updated energy management system. Southboro Executive Place’s eight-tenant roster includes two Ford divisions, a national engineering firm, life insurance firm, and a state-of-the-art, custom-outfitted Ford training annex on the ground floor. The building is 100% leased through January 2009.

Warren Corporate Center

On October 27, 2005, Meritage, in joint venture with Accordia Realty Ventures, acquired Warren Corporate Park, a 57,140 square foot office complex located on Mountain Boulevard in the center of Warren, New Jersey. The extensively landscaped complex sits on 4.39 acres and is made up of three two story buildings, constructed from 2003-2005. Each building features colonial style architecture, flexible floor plates and operable windows. There is parking for 226 cars and a common courtyard with benches. Monument signage on Mountain Boulevard provides high visibility to the companies in the complex. Shops, restaurants, hotels and the town’s central business district are all within walking distance.

Aspen Corporate Office Park

On September 22, 2005, Meritage, in joint venture with Ivy Equities, acquired Aspen Corporate Park, a two building complex located in one of New Jersey’s strongest submarkets. Aspen Corporate Park is Meritage’s first joint venture acquisition with Ivy Equities. As part of a repositioning effort, this 90,800 SF, two building office complex has recently undergone several capital improvements, including a new roof and new HVAC system. Major tenants include A&E Mortgage Company, Cornerstone Management Solutions, Inc and Camo Technologies.

Metro-Plex I & II

In June 2004, Meritage Properties, in partnership with the RCG-Longview fund, acquired Metro-Plex I & II; two office buildings with a combined total of approximately 293,000 square feet located in Landover, Maryland. Metro-Plex also contains a building site approved for over 200,000 square feet of FAR.

Meritage Properties acquired 18 Tremont Street, its first Boston-area acquisition, on April 27, 2005. 18 Tremont Street is an approximately 200,000 square foot office building located between Boston’s Financial and Government Center Districts. Over the past several years 18 Tremont underwent nearly $10 million in renovations, including all new common areas, a new roof, elevator upgrades and façade restoration. The building truly reflects the best of both old and new Boston office accommodations.

In April of 2005, Meritage Properties, in partnership with an affiliate of Avenue Capital Group, acquired 87 unsold apartments at Carlton Tower Condominium, a 21 story high-rise apartment building containing 228 units and located in Passaic Park, New Jersey. The Portfolio consists of 25 studio apartments, 42 one bedrooms, 15 two bedroom units and 5 three bedroom units.  Through June 2007 32 apartments have been sold.

On August 26, 2005, Meritage partnered with R Squared LLC to become the preferred equity partner in the acquisition of 501 Adams Street. R Squared has converted the Property to condominium ownership, begun renovating units as well as portions of the common areas to maximize the appeal of the Property, and is selling units as they become available. 501 Adams Street is a 5 story residential building located in Hoboken, NJ. The Property consists of 59 units averaging 1,076 square feet each, for a total net rentable area of 63,460 square feet. The units, which range in size from one to three bedrooms, have large windows, high ceilings and wood floors. The building, originally built in 1918, was converted from its previous use as The Kealy School into rental apartments approximately six years ago, and now features a 2-story covered parking deck, a health club and a laundry facility.

Le Havre/Cryder Point Apartments

On February 11, 2004, Meritage Properties, in partnership with EDGE Partners, acquired the 217 remaining unsold cooperative apartments at the Le Havre and Cryder Point developments in Whitestone, Queens. Situated near the juncture of the Throgs Neck Bridge, the Cross Island Parkway and the Clearview Expressway. The Le Havre and Cryder Point portfolio contains predominantly 2 and 3 bedroom units, many having outstanding bridge and water views.

As of July 2007 we have sold 44 apartments while defining the standard for renovated apartments in Whitestone. For more information please visit: www.sharesofny.com.

15 Bay Ridge Avenue (Sold)

15 Bay Ridge Avenue is a 15,075 square foot office building with private parking that has served, since its construction, as the home of Metropolitan Life Insurance Company's Bay Ridge office. Extensively renovated in 2001, the Property is ideally located at the foot of Bay Ridge Avenue just steps from Shore Road and minutes from the Verranzano Narrows Bridge. 15 Bay Ridge Avenue was acquired in February, 2004. Meritage Properties serves as asset manager for the Property.

Negotiations to extend MetLife lease for an additional 7 years were completed on July 1, 2004, and approximately $150,000 of tenant improvements were completed in December, 2004.

We sold 15 Bay Ridge in March 2007, resulting in investor returns exceeding original projections.

475 School Street (Sold)

In October 2003, Meritage Properties acquired 475 School Street, SW, a 57,800 square foot office building located in the heart of Washington, DC's Capitol Hill/Southwest submarket. The building is 100% leased to Northrop Grumman through mid-2010. The building contains 45 below-grade and surface parking spaces and features terraces on the fifth floor.

475 School Street is under a contract of sale expected to close in late summer 2007, resulting in investor returns exceeding original projections.

1411 K Street (Sold)

Meritage Properties made 1411 K Street, NW in Washington DC, its first acquisition in June of 2003. 1411 K is ideally located just three blocks from the White House, a short walk from Metro and with views of both McPherson Square and Franklin Square. 1411 K offers the smaller tenant an unparalleled opportunity in the heart of Washington, DC.

Atrium at Rock Spring Park

On November 13, 2006, Meritage Properties in joint venture with Goldentree InSite Partners acquired “The Atrium at Rock Spring Park,” a 236,885 SF office building located at 10401 Fernwood Road in North Bethesda, Maryland. The property has the National Institutes of Health as its major tenant, occupying approximately 157,000 SF, and an information technology consulting firm occupying an additional 23,000 SF. “The Atrium” is situated in a premiere office setting in the heart of Rock Spring Park and at the intersection of I-495, I-270, and Democracy Boulevard, making this a compelling location for tenants seeking easy access to and from downtown Washington.

One Garret Mountain Plaza

On December 19, 2006, affiliates of Meritage Properties and Mountain Development Corporation acquired One Garret Mountain Plaza, a 174,728 SF, 9 story class B office building on a scenic 18 acre parcel directly overlooking Highland Lake in West Paterson, NJ. Mountain Development is the developer and manager of 3 and 5 Garret Mountain, two office buildings in the Garret Mountain Corporate Park totaling 228,000 SF with a combined 5 year historical occupancy of 98%.

One Financial Plaza

Upper West Side Portfolio

In April of 2007, an affiliate of Meritage Properties, in partnership with an affiliate of Avenue Capital Group, acquired a portfolio of 140 sponsor owned cooperative apartments in three buildings on the Upper West Side of Manhattan.  Two of the buildings are located on West 95th Street and the third is on West 87th Street, all within blocks of Central Park. All three buildings are pre-war construction with relatively high ceilings and that special character and charm typical of older New York apartment buildings. The average apartment size is 995 SF, with half of the portfolio consisting of 2 and 3 bedroom units and the remainder consisting of large 1 bedroom units.

485 Massachusetts Ave

On August 17th, 2007, an affiliate of Meritage Properties purchased 485 Massachusetts Avenue, a 36,412 square foot, 5-story office building which includes 43 surface parking spaces.  The Property is located within Cambridge’s Mass Ave Corridor submarket, which has historically been both robust and cycle-resilient, due to proximity to both Harvard and MIT.  The special dynamics of this particular submarket contribute to a high demand for lab space and increasing displacement of office tenants, resulting in relatively strong office rents and relatively low vacancy rates.

729 Boylston Street

On August 17th, 2007, an affiliate of Meritage Properties purchased 485 Massachusetts Avenue, a 36,412 square foot, 5-story office building which includes 43 surface parking spaces.  The Property is located within Cambridge’s Mass Ave Corridor submarket, which has historically been both robust and cycle-resilient, due to proximity to both Harvard and MIT.  The special dynamics of this particular submarket contribute to a high demand for lab space and increasing displacement of office tenants, resulting in relatively strong office rents and relatively low vacancy rates.