Jones Lang LaSalle
Wells Takes 300,000-SF Office Building
By Eric Peterson
Last updated: February 21, 2006 06:53am
BRIDGEWATER, NJ-Wells Real Estate Investment Trust has acquired 400 Bridgewater Crossing, an eight-story, 300,000-sf class A office building in this Somerset County township. Wells already owns the building’s twin, 200 Bridgewater Crossing. The seller was an investment fund co-managed by O’Connor Capital Partners and JP Morgan, both of New York.
Built in 2002, the building is 53% leased by pharma giant Sanofi-aventis, which also occupies all of the twin 200 Bridgewater Crossing. Other tenants in the 400 building, which altogether is 84% leased, include King Pharmaceuticals and Infosys Technologies.
“This is an example of our investment strategy of a strong corporate tenant in a strong location,” says David Steinwedell, chief investment officer of the Norcross, GA-based Wells. “Sanofi-aventis is a great tenant, and we look forward to serving more of their real estate needs.”
“We think the Bridgewater project is the finest office project in its submarket,” says Jeff Gilder, Wells’ senior vice president of acquisitions. “The area speaks for itself as a global business center.”
Gilder, along with Heather Griner, the firm’s vice president of acquisitions, put the deal together in-house for Wells. Wayne Maggin and Adam Spies of Eastdil, New York, represented the seller. The sale price was not disclosed, but industry sources variously put the number in the $75-million-to-$80-million range.
Both buildings were completed by Hines in mid-2002, and the latter turned around and quickly sold them both to the O’Connor/JP Morgan-managed investment fund less than a year later. That sale price was similarly not disclosed, but as reported by GlobeSt.com, sources put the combined sale price for the two buildings in the $150-million range.
The O’Connor/JP Morgan-managed fund then sold separately the 200 building, fully occupied by Sanofi-aventis, to Wells in late 2003. The latest transaction completes Wells’ acquisition of the entire 20-acre, 600,000-sf campus.
Bridgewater Crossing is located in the I-78/287 corridor in Central New Jersey. The site is adjacent to the one million-sf Bridgewater Commons Mall, and to the two-year-old Bridgewater Marriott Hotel.
Wells Takes 300,000-SF Office Building
By Eric Peterson
Last updated: February 21, 2006 06:53am
BRIDGEWATER, NJ-Wells Real Estate Investment Trust has acquired 400 Bridgewater Crossing, an eight-story, 300,000-sf class A office building in this Somerset County township. Wells already owns the building’s twin, 200 Bridgewater Crossing. The seller was an investment fund co-managed by O’Connor Capital Partners and JP Morgan, both of New York.
Built in 2002, the building is 53% leased by pharma giant Sanofi-aventis, which also occupies all of the twin 200 Bridgewater Crossing. Other tenants in the 400 building, which altogether is 84% leased, include King Pharmaceuticals and Infosys Technologies.
“This is an example of our investment strategy of a strong corporate tenant in a strong location,” says David Steinwedell, chief investment officer of the Norcross, GA-based Wells. “Sanofi-aventis is a great tenant, and we look forward to serving more of their real estate needs.”
“We think the Bridgewater project is the finest office project in its submarket,” says Jeff Gilder, Wells’ senior vice president of acquisitions. “The area speaks for itself as a global business center.”
Gilder, along with Heather Griner, the firm’s vice president of acquisitions, put the deal together in-house for Wells. Wayne Maggin and Adam Spies of Eastdil, New York, represented the seller. The sale price was not disclosed, but industry sources variously put the number in the $75-million-to-$80-million range.
Both buildings were completed by Hines in mid-2002, and the latter turned around and quickly sold them both to the O’Connor/JP Morgan-managed investment fund less than a year later. That sale price was similarly not disclosed, but as reported by GlobeSt.com, sources put the combined sale price for the two buildings in the $150-million range.
The O’Connor/JP Morgan-managed fund then sold separately the 200 building, fully occupied by Sanofi-aventis, to Wells in late 2003. The latest transaction completes Wells’ acquisition of the entire 20-acre, 600,000-sf campus.
Bridgewater Crossing is located in the I-78/287 corridor in Central New Jersey. The site is adjacent to the one million-sf Bridgewater Commons Mall, and to the two-year-old Bridgewater Marriott Hotel.
posted by Jones Lang LaSalle NJ News Blog at 2:58 PM
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