Sean Ryan is associate editor of Real Estate New Jersey

BRIDGEWATER, NJ- The Gale Co. and a client of Principal Real Estate Investors have acquired AT&T Corp.'s campus here for $125 million. AT&T will remain in most of the site, but approximately 200,000 sf will be available for lease. The three-building, 669,703-sf campus at 55 Corporate Dr. is spread over 150 acres and has approval for several hundred thousands sf of additional development.

The campus is "positioned to offer prospective tenants a location with excellent amenities, state-of-the-art infrastructure as well as access to a high-quality labor pool," says Mark Yeager, president of the Florham Park, NJ-based Gale. "The 287/78 corridor in Somerset County continues to be a premier corporate headquarters address with the recent commitments of Citigroup, MetLife and Verizon to the area."

"Employees retain the use of a beautiful, functional campus in Bridgewater," says Scott Leibold, AT&T Global Real Estate vice president, "while AT&T is able to shed surplus space and benefit from strong demand for real estate assets in the capital markets." The client of Principal Real Estate Investors was not named. Principal is the real estate division of Principal Global Investors. Wachovia Securities provided floating rate financing for the transaction.