He said the group hoped to do additional development near its golf projects, including office properties.

The deal included several downtown Boston and suburban office properties.

"They forget you get substantial tax benefits and energy rate cuts for leasing office properties, too."

But, he said, "we're looking for much higher growth rates from that company than from other office properties."

And it has curtailed its buying of office property.

He wound up keeping 120 acres for his office properties.

It has bought $483 million of office property so far this year, compared with $339.6 million in all 2001.

The activity in New Jersey is not limited to office properties.

Last fall, it sold its last three office properties in Arizona.

He said many institutional investors found themselves with a disproportionate amount of office property in their portfolios.