crefeed.com | SL Green/Gramercy Capital sell interests in N.J. campus for $230M

2/10/2009

SL Green/Gramercy Capital sell interests in N.J. campus for $230M

55 Corporate Drive

SL Green Realty Corp. and Gramercy Capital Corp. have sold their interests in the sanofi-aventis USA, Inc., headquarters campus in Bridgewater, N.J., for $230 million to Inland American Real Estate Trust, Inc.

Cushman & Wakefield's Metropolitan Area Capital Markets Group in East Rutherford represented the sellers and procured the buyer in the transaction.

The campus is situated on 149 acres at 55 Corporate Dr. It was built in 1987 for AT&T, which occupied the property until 2005. It is currently 100 percent leased by Sanofi-aventis, a pharmaceutical company.

"Being able to procure an investor with the inclination and the ability to close a deal of this magnitude in today's environment was challenging, to say the least," said Cushman & Wakefield's Gary Gabriel. "The opportunity to acquire an ideally located, headquarters-quality office complex that is long-term net leased to a AA-rated company provides the ultimate in investment safety."

Address: 55 Corporate Dr., Bridgewater, N.J.

Built: 1987

Filed Under: Office

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