Legacy Investing Nabs Premier NJ Office Building for $48M
- Nov 18, 2019
Legacy Investing acquired 77 Corporate Drive, a Class A office building in Bridgewater, N.J. According to Yardi Matrix, The RMR Group sold it for $47.5 million. The sale was funded by a $28.8 million acquisition loan provided by Bridge Investment Group.
The four-story asset encompasses 205,439 square feet. Amenities include modern and open workspaces, cafeteria, conference center, back-up generators, 616 parking spaces and walking trails. Located on the Interstate 287/78 corridor, the property sits close to a wide array of life sciences businesses, including Hisun Pharmaceuticals, Impax Laboratories and Evivrus Inc.
Sanofi occupies the majority of the building since its completion in 2010. The new ownership tapped CBRE to lease the remaining 87,692-square-foot availability. The space spreads across two floors and is suitable for small to mid-sized tenants. CBRE’s Remy deVarenne and Sean Morley will handle the marketing and leasing efforts for the property. Last February, the company arranged a sale-leaseback deal of an office/tech building in Mahwah, N.J.