The deal, the details of which were not released, wasorchestrated on behalf of the properties owners by Robert Donnelly,vice chairman of Cushman & Wakefield of NJ's Morristown office.Jeffrey Zell, president and chairman of the Washington, DC-based JMZell Partners, advised Sanofi-aventis. A timeline for the projectwas not released, although the property is said to be alreadyapproved for the expansion.

|

"This significant transaction will assist the local community inretaining its position as a mecca for major corporations," saysMark Yeager, president of Gale, a subsidiary of Mack-Cali RealtyCorp. "It also reflects our track record of establishing long-termrelationships with our tenants."

|

"This development is an example of the kind ofrelationship-driven opportunities we anticipated when Mack-Cali and Galejoined forces," says Mitchell Hersh, Mack-Cali's president and CEO.Sanofi-aventis leased the entire existing three-building complex at55 Corporate Dr. in 2005, consolidatingits North American operations from multiple locations in theregion. The property is fully net-leased through April 2023

|

"The site was chosen because it could accommodate our businessneeds for a more flexible and integrated space, Tim Rothwell,president and CEO of Sanofi-aventis US told GlobeSt.com in2005.

|

The campus at 55 Corporate Dr. also has a had complicatedownership path in recent years, beginning in late 2004 when theGale Co., predecessor to Gale Real Estate Services, teamed up withSL Green Realty Corp. and Principal Real Estate Investors to buythe property from AT&T for a reported $125 million. Thatsale-leaseback deal kept AT&T on-site for another year before alease termination agreement with AT&T set the table forSanofi-aventis' occupancy.

|

In mid-2006, subsequently, the New York City-based GramercyCapital Corp. bought a 49.8% share of the equity interest held byGale and PREI for an undisclosed amount.Gramercy is a company externally managed by GKK Manager LLC, amajority-owned subsidiary of SL Green. The site is at thecrossroads of Route 206, I-287 and I-78 in Central New Jersey'sSomerset County.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.