Senior vice president Joe Adamo and vice president Tim Greiner of the Gale Co. provided in-house representation on the transaction. Jim Fraser, Michael Cohen, Glenn Roberts and Colton Brown of GVA Williams represented ADP. Terms of the deal, including the sale price, were not disclosed.

In the wake of the sale, Gale is going to relocate all of the building's existing tenants to other buildings within 280 Corporate Center, which it added to its portfolio back in 1997 as part of the acquisition of Bellemead Development Corp.'s holdings. Also, Gale Construction Co. has been hired by ADP to provide construction management services relating to a complete interior renovation of the building.

"The sale of 7 Becker Farm Rd. reflects our strategy of selling targeted assets to users who prefer to own their own facility," according to Mark Yeager, Gale's president and chief investment officer. "We have recently completed similar transactions at Chubb Way in Branchburg [NJ] and Madison Avenue in Morristown [NJ].

"In this interest-rate sensitive environment, we are seeing a proliferation of user sales that meet both a company's operational and bottom-line objectives," Yeager adds.

Gale's remaining portfolio, which includes properties in the US, the United Kingdom and South Korea, currently stands at more than 50 million sf. The company presently maintains joint venture relationships with Morgan Stanley, JP Morgan, UBS and Praedium Fund.

Instant Insights /

Gale Sells 90,000-SF Building to ADP

Related Stories

Recommended For You