1130 Route 22 East in Bridgewater — Courtesy: JLL
By Joshua Burd
Allstate Insurance Co. has leased an entire 63,000-square-foot building in Bridgewater, the latest in a series of new deals at a four-building office park on Route 22.
Brokerage firm JLL, which represented landlord American Real Estate Partners, said the property and casualty insurer will occupy 1130 Route 22 East. The deal follows the landlord’s acquisition of the 331,846-square-foot office park, known as CenterPointe at Bridgewater, for $24.5 million in early 2015.
American Real Estate Partners was represented by Susan Mason, executive vice president; Robert Ryan, senior vice president; and John Buckley, senior vice president, all with JLL, who worked closely with Michael Gribbon, principal and managing executive director, with American Real Estate Partners, according to a news release. Allstate was represented by Edward DaCosta, executive vice president, and John Morris III, first vice president, with CBRE.
“CenterPointe at Bridgewater is an exceptional headquarters location that offers unparalleled value to tenants,” Mason said in a prepared statement. “American Real Estate Partners recently completed a major capital improvement campaign at CenterPointe I that presented Allstate with a fresh new slate at the building to enhance its new design criteria, and affords the insurer a unique branding opportunity.
“The owner successfully repositioned the corporate park within 18 months of acquiring the property.”
JLL has completed recent transactions totaling more than 70,000 square feet at CenterPointe at Bridgewater for American Real Estate Partners, including leases for Maxcess Managed Markets, SE2, ConvaTec, Royal Consumer Information Products Inc., Paradigm Wealth Management, Savin Engineers PC and Footprint Power LLC.
“I am delighted by the leasing success we have enjoyed, especially with the addition of Allstate to our family of tenants,” Gribbon said. “I believe our ability to attract Allstate to CenterPointe at Bridgewater speaks to the assets’ position in the market as well-managed, high-quality properties that offer great economic value to our tenants.”