EDISON, NJ-The $16.5 million sale of 2121 Route 27, a 99,000-square-foot R & D office building at Edison Towne Corporate Center, has been arranged by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. The building is fully occupied by Revlon and serves as the consumer products giant’s primary R & D center.
Situated within the Princeton-area research district known as “Einstein’s alley,” the facility was purchased by Angelo, Gordon & Co. on behalf of the $560 million AG Net Lease Realty Fund II, one of several net-leased investment funds it manages.
“This fits with our strategy of purchasing mission-critical corporate real estate assets,” says Teddy Kaplan, managing director of Angelo, Gordon. “The building is Revlon’s global R & D center, located close to their ‘forever’ location of New York City. They’ve been there a long time, we don’t expect them to ever leave, and they are an icon in the business which we don’t expect to change.”
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