CBRE today announced the $260.65 million sale of 55 Corporate Drive in Bridgewater, which currently serves as the North American headquarters for Sanofi. The CBRE team was also responsible for procuring the buyer, AVG Partners, a Beverly Hills, CA-based investment firm making its largest New Jersey acquisition.
Totaling approximately 675,000 sq. ft., 55 Corporate Drive is the largest single tenant transaction in New Jersey since 2016 and marks CBRE’s third sale in excess of $200 million in New Jersey since the beginning of 2021. Sanofi has a lease in place at the property through Dec. 31, 2032.
CBRE Vice Chairman, Jeffrey Dunne commented, “We pride ourselves on executing not only the largest and most complex transactions in the market, but more importantly, providing our clients with thoughtful advice on timing and execution. This closing helps American Finance Trust realize the goal of rebalancing its portfolio as this was the largest single owned asset.”
“The quality of the building, the amenities, and the workplace environment along with the creditworthiness of Sanofi attracted a deep buyer pool. Capital clearly understands that trophy buildings will continue to be in demand in our market,” added Neuer, executive vice president, CBRE.
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