SL Green, in a venture with the Gale Cos., had acquired the three-building, 670,000-square-foot campus from AT&T for a reported $125 million in mid-2005. In early 2006, with AT&T out of the buildings, the new owners brought in Sanofi-aventis in under the terms of a full-campus, long-term net lease, with the pharma company relocated and consolidating its operations here from three other locations in the region. Gramercy entered the picture in mid-2006 when it acquired Gale's interest in the property.

"This is a great property in New Jersey's best suburban location," says Marc Holliday, CEO of SL Green. "Its value has held up well, and the fact that our venture is able to sell it despite extremely difficult market conditions demonstrates that fact. It's an example of our success in investing outside of our core market, creating value and then realizing that value at the right time."

According to information released by SL Green, the deal includes the assumption of an existing $190-million mortgage and is expected to close within the next 60 days subject to customary conditions. The transaction also results in a cap rate of 6.9% to the seller. The property itself occupies 150 acres at the confluence of Route 206, I-78 and I-287 in Central New Jersey's Somerset County.