55 Corporate Drive in Bridgewater — Courtesy: CBRE
By Joshua Burd
A brokerage team has identified a California-based investment firm as the buyer in the recent sale of the nearly 675,000-square-foot Sanofi U.S. headquarters campus in Bridgewater.
According to CBRE, which arranged the deal, AVG Partners paid $260.65 million for the three-building complex at 55 Corporate Drive. The deal marks the Beverly Hills-based firm’s largest New Jersey acquisition, brokers said, while it’s the largest single-tenant transaction in New Jersey since 2016.
Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE’s Institutional Properties group and Michael Monahan of the firm’s New York office represented the seller, American Finance Trust, and procured the buyer. The deal, which closed nearly eight years after the real estate investment trust acquired the property, came as part of its pivot toward a large-scale, necessity-based retail portfolio.
“We pride ourselves on executing not only the largest and most complex transactions in the market, but more importantly, providing our clients with thoughtful advice on timing and execution,” said Dunne, a vice chairman with CBRE. “This closing helps American Finance Trust realize the goal of rebalancing its portfolio as this was the largest single owned asset.”
Located along Route 202/206, 55 Corporate Drive currently serves as the North American headquarters for Sanofi, which has a lease in place through Dec. 31, 2032, CBRE said. The 149-acre campus provides access to interstates 287 and 78, offering a fitness center, conference facilities, an auditorium, a café and several walking trails.
“The quality of the building, the amenities and the workplace environment along with the creditworthiness of Sanofi attracted a deep buyer pool,” said Neuer, an executive vice president with CBRE. “Capital clearly understands that trophy buildings will continue to be in demand in our market.”