In January, CBRE announced a private equity group purchased the three-office, 675,000-square-foot complex from American Finance Trust for $261 million. It did not announce the buyer at that time.
AVG Partners has an extensive portfolio of properties nationwide — more than 200 properties with over 10 million square feet, located in 22 states, including New Jersey. This is AVG Partners’ largest New Jersey acquisition to date.
CBRE’s Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale, in partnership with CBRE’s Michael Monahan, represented American Finance Trust in the sale and the CBRE team was also responsible for procuring the buyer.
The site, 55 Corporate Drive, currently serves as the North American headquarters for Sanofi, which has a lease in place through Dec. 31, 2032.
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“We pride ourselves on executing not only the largest and most complex transactions in the market, but more importantly, providing our clients with thoughtful advice on timing and execution,” Dunne said. “This closing helps American Finance Trust realize the goal of rebalancing its portfolio, as this was the largest single-owned asset.”
This exchange is the largest single tenant transaction in New Jersey since 2016 and marks CBRE’s third sale in excess of $200 million in New Jersey since the beginning of 2021.
“The quality of the building, the amenities and the workplace environment, along with the creditworthiness of Sanofi attracted a deep buyer pool,” Neuer said. “Capital clearly understands that trophy buildings will continue to be in demand in our market.”