Legacy Investing Acquires Bridgewater Office Building for $47.5 Million
Legacy Investing secured approximately $28.795 million in financing in connection with the Class A office building purchase.
BRIDGEWATER, NJ— Legacy Investing, LLC of Arlington, VA has acquired the 205,000-square-foot office building at 77 Corporate Drive here from Senior Housing Properties Trust for $47.5 million.
Legacy Investing secured approximately $28.795 million in financing in connection with the Class A office building purchase.
The acquisition was announced by Phillips Realty Capital of Bethesda, MD, which structured the financing deal between Legacy Investing and Bridge Investment Group, which provided the non-recourse financing for Legacy to acquire the 205,000 square foot Class-A office building. Phillips Realty Capital’s William Lawson and Adam Bieber structured and placed the loan.
Currently 59% leased to IQVIA, a publicly traded multinational health information technology and clinical research company, the property is well suited to capture an additional anchor tenant or be demised for multi-tenant use with plug-n-play space featuring available furniture and high-end fixtures and finishes, Phillips Realty Capital notes.
Originally developed as an expansion of Sanofi’s adjacent headquarters building, 77 Corporate Drive is part of a 300-acre office park located between Interstates 287 and 78. Built in 2011, fully configured for Sanofi by 2014, and upgraded in 2019, the property is comprised of four stories of highly efficient office space that accommodates close to 1,000 seats and more than 100 meeting spaces.
Building amenities include a café, sit-down areas, conference facilities, full building generator back-up and four loading dock bays. The central New Jersey property is located less than an hour outside of New York City and has the potential to accommodate a parking ratio of seven spaces per 1,000 square feet leased.