77 Corporate Drive in Bridgewater
By Joshua Burd
The buyer of a 205,000-square-foot office building in Bridgewater has landed nearly $29 million in financing, under a transaction arranged by Phillips Realty Capital.
The capital markets firm announced Wednesday that it secured a $28.79 million loan on behalf of Legacy Investing LLC, which has acquired 77 Corporate Drive for $47.5 million. Bridge Investment Group provided the nonrecourse financing
Phillips Realty Capital’s William Lawson and Adam Bieber structured and placed the loan.
“Legacy’s proven track record with property lease-ups coupled with the characteristics of this asset fit well with Bridge Investment Group’s portfolio strategy,” Lawson said. “Based on deals we’ve worked on separately for each firm, we knew this would be a win-win for the borrower and the lender.”
The firm identified Senior Housing Properties Trust as the seller of 77 Corporate Drive, which was originally developed as an expansion of Sanofi’s adjacent headquarters building. The complex, which was built in 2011 and upgraded in 2019, is part of a 300-acre office park located between interstates 287 and 78.
The building is currently 59 percent leased to IQVIA, a publicly traded multinational health information technology and clinical research company.
“The Phillips team remains an outstanding resource and partner for our team when we evaluate all types of real estate transactions,” said Jay Rappaport, co-founder and managing member of Legacy Investing. “We were thrilled with their ability to structure the right capital partner for this opportunity, and we look forward to working with them and Bridge on future deals.”