Another Major Office Deal in Northern New Jersey
- Feb 10, 2009
While the commercial real estate industry as a whole has suffered a major downturn as of late, the Northern New Jersey region may be bucking that trend. The past few weeks have seen a spate of activity in the region, with the sales, investment and leasing markets all seeing some action. In the latest move, Inland American Real Estate Trust has acquired a three-building office property in Bridgewater in a $230 million deal. The complex, 55 Corporate Drive (pictured), serves as the headquarters for sanofi-aventis USA Inc., one of the world’s largest pharmaceutical firms, which occupies the entire property under a net lease. Cushman & Wakefield Inc.’s metropolitan area capital markets group, including Gary Gabriel, Andrew Merin, David Bernhaut and Jose Crux, represented the seller of the property, SL Green Realty Corp. and Gramercy Capital, and procured the buyer. The Cushman team also orchestrated last week’s sale of the 420,000-square-foot Metropolitan Center office building in nearby East Rutherford to CB Richard Ellis Investors. That transaction was another recent sign that, despite the hard economic times, deals are still getting done in the Northern New Jersey area. Other notable activity in the region of late includes a $214 million construction loan landed in late January for The Monaco, a luxury apartment complex being developer in Jersey City by a partnership involving Roseland Property Co. and Prudential Insurance Co., among others. And on the leasing front, hardware and housewares distributor Howard Berger recently agreed to a 237,000-square-foot lease for industrial space in Cranbury, while pharmaceutical company inVentiv Health inked a deal for 154,000 square feet of Class office space at Atrium Corporate Park in Somerset.