Somerset Financial Center at 1405 and 1425 Route 206 in Bedminster — Courtesy: JLL
By Joshua Burd
The two-building, 230,000-square-foot office campus in Bedminster that serves as a key corporate hub for AT&T is on the market for sale, according to brokers with JLL.
Known as Somerset Financial Center, the property at 1405 and 1425 Route 206 is fully leased to the telecom giant on a deal that runs November 2034. Both buildings are recently renovated, the listing team noted, while they offer an attractive location at the intersection of interstates 78 and 287 and less than 42 miles from Manhattan.
AT&T confirmed in fall 2022 that it had signed a lease for the campus and would relocate from the 194-acre, 1.1 million-square-foot complex in the township that it had occupied since 1977.
“Somerset Financial Center offers investors a stable investment opportunity secured by a
world-class telecommunications tenant with (roughly nine) years of term remaining in an institutional-quality, well-located office campus,” JLL wrote in its marketing materials, later adding that AT&T has four five-year renewal options and escalating rent structure.
“Moreso, the tenant has shown long-term commitment to the property through significant capital investments along with high utilization of their space.”
JLL’s Jose Cruz, Jeremy Neuer and Michael Kavaler lead the marketing team, with support from financing brokers Max Custer and Ryan Carroll and leasing broker Dan Loughlin. They noted that the Somerset Financial Center, which was built in 1998, benefits from major updates in recent years including a new roof system on both buildings, new 250-gallon water heaters in the fitness center and cafeteria, the replacement of all exterior bollards, repaving of the rear fire road and sidewalk replacements.
What’s more, workers at the property have access to amenities including a fitness center, a cafeteria and conference facilities, the firm wrote. The listing team added that the median household income within five miles is $162,965, while 66 percent of the population hold bachelor’s degrees or higher, providing easy access to executive housing and strong talent pools.
AT&T leases 230,000 sq. ft. in Bedminster, plans move from iconic office campus
