Bayer Healthcare Expands to 48,000 SF

FAIRFIELD, NJ-Bayer Healthcare Pharmaceuticals had been occupying three floors of the four-story, 48,000-sf 700 Route 46 East, but has now signed a lease for the entire class A building. The asset is owned by True North Fairfield Property Partners, an affiliate of the New York City-based True North Management Group.

The landlord was represented by managing director Frank Recine, and associates Blake Goodman and Ken Porreca of the Rutherford office of Newmark Knight Frank. Bayer was represented by David Warren of Resource Realty, Parsippany. Terms were not released.

True North bought the building in Q2 ’07 from the Blackstone Group, which inherited the asset in 2004 when it bought Prime Hospitality Corp. The latter had utilized the site as its headquarters, and the final floor became available for Bayer’s expansion when Prime vacated its remaining space.

Bayer’s entry into the building as lead tenant had come shortly after True North acquired the asset. That signing had come as part of the company’s restructuring of its US headquarters operations, involving multiple locations in New Jersey.

True North, meanwhile, also owns the adjacent and physically connected Crowne Plaza Fairfield Hotel. That property is currently undergoing an extensive renovation, slated for completion in early 2009.