200 Franklin Square Drive in Somerset — Courtesy: Axria
By Joshua Burd
Axria has purchased a 200,000-square-foot office building in the Somerset section of Franklin, where it’s now weighing a range of options from lease-up to redevelopment.
The firm, which is based in nearby Piscataway, paid an undisclosed sum in the deal at 200 Franklin Square Drive after winning what it said was a highly competitive auction process with more than 75 bidders. It acquired the former Philips Electronics building with more than 75,000 square feet preleased and 125,000 square feet available, providing a blend of stability and opportunity with potential uses such as continued office leasing or future industrial or warehousing applications.
“We’re grateful to have won the bid, we have had our eye on 200 Franklin for many years,” Axria CEO Chandra Mandalapu said. “The firm owns six assets in Somerset, and our former headquarters were located on 100 Franklin Square Drive. Our engineering team is currently working on the highest and best use for the asset, and we have ambitious plans ahead of us.”
The firm, whose team includes architects, engineers, financial analysts and asset managers, said the deal advances its strategy of identifying high-potential properties and transforming them into assets that align with market needs, strengthen communities and generate durable returns. Its belief in 200 Franklin Square Drive stems in part from its proximity to Interstate 287 and strong regional connectivity.
Somerset office building, primed for industrial redevelopment, hits the market for sale
