JLL Capital Markets announced that it has completed the sale of 200 Franklin Square, a 200,000-square-foot, headquarters-quality office property in Franklin Township. JLL represented the seller and procured the buyer, Axria, Inc.
200 Franklin Square was the former North American headquarters for Philips Electronics and is currently 100% vacant. The four-story property was recently renovated in 2016 and offers parking for 750 vehicles in surface lots.
The 12.19-acre site is zoned for a broad range of commercial uses, including office, medical, educational and light industrial, offering flexibility for the new owner. It has direct access to Interstate 287 and is close to the New Jersey Turnpike and I-78, strategically positioned to access the talented labor pool in Somerset County.
“This investment presents a unique redevelopment opportunity to reposition an underutilized office building in a highly sought-after New Jersey submarket with limited available land,” said Adi Mokkapati, principal at Axria.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz and Jeremy Neuer, Senior Director Ryan Robertson and Managing Directors Nicholas Stefans and Jason Lundy.
“This opportunity was unique as a former headquarters, but also a blank canvas with numerous possibilities for future use,” said Cruz. “We are bullish on Axria’s business plan going forward.”
“The quality of the asset attracted a wide range of investors in what has become a tight market in the last few years,” said Neuer. “Given the redevelopment of over 1 million square feet of office to industrial, the shrinking market has created a lack of supply for true Class A office in Franklin Township and the surrounding towns.”
