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WEST HAVEN, CT-The Bayer HealthCare complex here at 400 Morgan Ln. has been put on the market. CB Richard Ellis has been retained as exclusive sales agent for the 1.5 million sf of office, research and development and laboratory space in 17 buildings on 137 acres.

The decision to put the property on the market for sale stems from the company’s consolidation plans announced last November. Bayer is planning to consolidate research functions at US sites here and in Richmond, CA to headquarters properties in Wayne and Montville, NJ. Those plans followed parent company Bayer AG’s acquisition of Schering AG in June 2006 and are part of the Berlin-based firm’s plan to integrate its pharmaceutical operations with those of Schering and its US subsidiary Berlex Inc.

CBRE’s Sean Cahill, Timothy Fagan, Thomas Sullivan and Frank Tomasulo are working on the sales assignment.

“400 Morgan Ln. offers a unique opportunity for a corporate user or investor to take advantage of a property with excellent flexibility, location, access and visibility within one of Connecticut’s leading business districts,” Tomasulo says. “Based on the interest we have received thus far, we are confident this property will continue to command attention from buyers.”

CBRE officials say that the property offers a large user the opportunity to establish a visible presence in the New Haven County market while offering it the flexibility to utilize the space for office, laboratory, R&D, distribution or manufacturing use.

Tomasulo tells that no firm sales price has been set and CBRE plans to market the property to large users, developers and investors. He expects the property, which does have some future development potential, will change hands sometime this year.

He adds that while Bayer HealthCare currently occupies the property, the firm is expected to relocate operations out of the complex in the next year or two.

CBRE is working with the Connecticut Office of Economic Development in terms of providing incentives in connection with the sale, Tomasulo notes.

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