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Case Study

Pharma campus disposition - 1.2M SF / 110 Acres

New Jersey Center of Excellence at Bridgewater
1041 US Highway 202/206, Bridgewater, New Jersey

Situation

Sanofi’s corporate reorganization determined the closure of its +/-1.2M square foot multi-building Research & Development campus in Bridgewater, NJ on 110 acres.

Strategy/solution and implementation

The Jones Lang LaSalle (“JLL”) brokerage team, consisting of Dan Loughlin (Project Lead), Bob Ryan, Craig Eisenhardt, Tom Stanton, Jim Medenbach and Joe Garibaldi of Capital Markets, was retained by Sanofi and its consultant, JM Zell, in April 2012 to implement a multi-pronged marketing approach to lease and/or sell the entire campus and initiate redevelopment alternatives.

Expertise from PDS, Capital Markets and Corporate Solutions IFM was leveraged to develop a multi-tenant occupancy scope, central utility plant Service Level Agreements and investment sale process.

To engage the market, the JLL marketing team rebranded the site as “New Jersey Center of Excellence at Bridgewater,” and created all graphics and marketing collateral for the new campaign, which the new buyer will continue to use.

Results

In 12 months, Jones Lang LaSalle secured:

  • Two long-term leases with Ashland (200,000 SF) and Amneal Pharmaceutical (145,000 SF)
  • Zoning relief to allow a multi-tenant occupancy scenario and Regional Planning focus to enable a mixed-use redevelopment for a portion of the site
  • 30-day due diligence closing to Advance Realty/CrossHarbor Capital Partners, LLC
  • $80 million in net aggregate lease value
  • $48 million in net sale proceeds (twice the appraised value)
  • Credit for leasing and commissions
  • Limited representations and warranties

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