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.”
The East Rutherford-based C&W team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel represented the seller of the property, The Morris Companies, which had acquired the entire Edison Towne Center property two years ago.
The center includes a 248,000-square-foot multi-tenant office building at 2147 Route 27, connected to the Revlon R & D facility by a common lobby, and a 140,000-square-foot industrial building, as well as land approved for an additional 650,000 square feet of industrial space. Revlon occupies 31,500 square feet within the adjacent office building in addition to its R & D space. It moved into the R & D space at the time it was built in 1984.
“After acquiring the property two years ago, The Morris Companies was able to extend Revlon for 15 years through 2025 and complete a significant renovation of the office building,” saYS Merin. “It was subsequently decided that the two buildings would be offered for sale, and the disposition of the R & D building has now been completed. The multi-tenant office building attracted considerable interest from prospective buyers, and we expect to have an announcement on that sale shortly.”
The office building for which sale is pending was built in 1980 and substantially renovated in 2010. Besides the 31,500 square feet occupied by Revlon, the office building’s major tenants include XO Communications and Dr. Leonard’s Healthcare.
The center is situated off Exit 2 of I-287 and two miles from the New Jersey Turnpike, in the Princeton/Route 1 research corridor, dubbed Einstein’s Alley.
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