Allstate Leases CenterPointe I at Bridgewater

The CenterPointe at Bridgewater office park was acquired by American Real Estate Partners in 2015 for nearly $24.8 million.

Bridgewater, N.J.—JLL has completed a new transaction for American Real Estate Partners with Allstate Insurance Co. at CenterPointe I. Allstate leased the entire 63,000-square-foot office building at 1130 Route 22 E., which is part of CenterPointe at Bridgewater, a four-building, 331,846-square-foot Class A office park in Bridgewater.

CenterPointe I, 1130 Route 22 E. Bridgewater, NJ

CenterPointe I, 1130 Route 22 E. Bridgewater, NJ

“CenterPointe at Bridgewater is an exceptional headquarters location that offers unparalleled value to tenants,” said Susan Mason, executive vice president at American Real Estate Partners, in prepared remarks. “American Real Estate Partners recently completed a major capital improvement campaign at CenterPointe I that presented Allstate with a fresh new slate at the building to enhance its new design criteria and affords the insurer a unique brand opportunity. The owner successfully repositioned the corporate park within 18 months of acquiring the property.”

Allstate was represented by Edward DaCosta, executive vice president and John Morris III, first vice president, with CBRE. American Real Estate Partners was represented by Mason, Robert Ryan and John Buckley, senior vice presidents, all with JLL, who worked closely with Michael Gribbon, principal & managing executive director with American Real Estate Partners.

“I am delighted by the leasing success we have enjoyed, especially with the addition of Allstate to our family of tenants,” said Gribbon, in prepared remarks. “I believe our ability to attract Allstate to CenterPointe at Bridgewater speaks to the assets’ position in the market as well-managed, high-quality properties that offer great economic value to our tenants.”

American Real Estate Partners purchased the office park in early 2015 for approximately $24.8 million. The property offers tenants highly efficient office space, a full-service café with outdoor seating area, fitness centers, a conference center and on-site property management.

JLL has completed recent transactions totaling more than 70,000 square feet at CenterPointe at Bridgewater for American Real Estate Partners, including leases for Maxcess Managed Markets, SE2, ConvaTec, Royal Consumer Information Products Inc., Paradigm Wealth Management, Savin Engineers PC and Footprint Power LLC.

Image courtesy of Yardi Matrix