BRIDGEWATER, NJ-Advance Realty has acquired the former Sanofi U.S. Research and Development Campus in Bridgewater for an undisclosed price.
Sanofi closed its operations at the 1.2-million-square-foot campus after a 2011 companywide reorganization. Advance Realty is moving its headquarters to the research & development site from its current base in neighboring Bedminster, and re-branding the Bridgewater property as the New Jersey Center of Excellence.
The campus currently has two tenants, Amneal Pharmaceuticals and Ashland Specialty Ingredients, which recently relocated from Wayne. Advance Realty executives said Thursday they are exploring the idea of mixed-use development to reposition the site.
“The former Sanofi U.S. Research and Development Campus is a jewel of Bridgewater and one of the most dynamic properties in the State of New Jersey,” said Bridgewater Township Mayor Daniel J. Hayes, Jr. in a statement. “We look forward to working with Advance and CrossHarbor to fill the property with a vibrant mix of companies.”
Advance Realty president and CEO Peter Cocoziello said the company will collaborate with local officials to develop a plan for the site that fits into Bridgewater Township's and Somerset County's economic development strategy.
The property is in immediate-move-in condition for highly technical pharmaceutical companies and other lab users. “Ashland and Amneal were drawn to the property specifically because of the infrastructure that's already in place,” said Neal Opper of CrossHarbor Capital Partners. “We see it as the perfect site for small to mid-sized tenants that seek amenities-rich, move-in ready research and development space in an environment that was expressly designed to meet the needs of a cutting-edge company.”
“We are confident we will be able to position it in a way that will make it attractive to a wide range of tenants,” added Cocoziello.
The sale of the property was handled for Sanofi by a Jones Lang LaSalle team led by Dan Loughlin. Advance and CrossHarbor were represented in-house. JM Zell Partners also advised Sanofi. Gregory Nalbandian, a senior vice president and managing director with NorthMarq Capital, represented Advance in the formation of its joint venture with CrossHarbor.
The Center of Excellence is located directly off Route 202/206, with frontage on Interstate 287. On-site amenities include a full-service cafeteria, fitness center and conference center. The property also has a helipad.
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