700 Route 202/206 in Bridgewater — Courtesy: Newmark
By Joshua Burd
An investment manager has sold a newly renovated, 117,000-square-foot office building in Bridgewater that serves as the headquarters of a global biopharmaceutical company.
According to Newmark, which represented EQT Exeter in the sale, Maxim Properties paid $39 million for the property at 700 Route 202/206. The deal comes four years after a long-term lease by Insmed, which focuses on research and development to treat chronic lung disease and pulmonary disorders, and after an overhaul of the building that was slated to include a revamped interior, a new main entryway and fresh landscaping.
Newmark Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Senior Transaction Manager Maria Betancourt completed the deal, while Managing Director Dan Reider acted as the team’s leasing market adviser.
“The property’s modern and highly functional design with an abundance of natural light throughout the space was a major factor in Insmed relocating its global HQ to the property,” Welsh said. “EQT Exeter’s visionary redevelopment and successful repositioning of a vacant office building culminating in a sale price of (more than $325 million per square foot) is a testament to the company’s ability to create long-term value.”
In announcing the deal, Newmark noted that Insmed maintains its R&D operations just a mile away. The building’s location on Route 202/206, within one minute of the Interstate 287 interchange, provides access to the largest concentration of scientists in the country and a broad base of amenities in Bridgewater.
Global pharma firm inks 117,000 sq. ft. lease in Bridgewater
