55 Corporate Drive Update 02/01/22

Bridgewater Office Complex Trades Hands for $260.6M

A major, Class-A office property, located at 55 Corporate Drive in Bridgewater, NJ has just been sold for $260.6 million. The 3-building complex was purchased by AVG Partners from the previous owner, American Finance Trust in a deal brokered by CBRE.

The buildings were originally constructed in 1987 and total 674,325 square feet. While Buildings B and C are around the same size at 4-stories a piece, Building A with one additional story has slightly more floor area. A and B are directly connected to each other, while C is linked by a sky bridge on the second and third floors. All three structures were fully renovated in 2006 and later bought by American Finance Trust in March of 2014.

In 2019, a $40 million interior improvement project was undertaken, which resulted in an updated grand lobby, a full-service cafeteria, a conference center, and new furniture throughout all three buildings.

The well-equipped complex also offers other amenities, such as an auditorium, a fitness center, a pharmacy, and an on-site Starbucks location. Sitting on 150 acres of land, it has multiple parking lots, with a combined capacity of over 2,400 vehicles.

55 Corporate Drive's sole tenant is global pharmaceutical company, Sanofi. The company uses the complex as its North American Headquarters, and it maintains a full-property lease that extends through December 31st of 2032.

The complex is conveniently positioned within a 45-minute radius of Manhattan, meaning even quicker commute times for any employees coming from Northern and Central Jersey. Located just a 30-minute drive from Newark Liberty International Airport, it also scores points with the business travelers.

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