Bethesda, MD, October 30, 2019 –
Phillips Realty Capital announced that a $28,795,000 transaction on behalf of Legacy Investing, LLC, a repeat client, has closed and funded. Bridge Investment Group provided non-recourse financing for Legacy to acquire a 205,000 square foot Class-A office building located at 77 Corporate Drive in Bridgewater, NJ. Phillips Realty Capital’s William Lawson and Adam Bieber structured and placed the loan.
Originally developed as an expansion of Sanofi’s adjacent headquarters building, 77 Corporate Drive is part of a lush 300-acre office park located between Interstates 287 and 78. Built in 2011, fully configured for Sanofi by 2014, and upgraded in 2019, the property is comprised of four stories of highly efficient office space that accommodates close to 1,000 seats and over 100 meeting spaces. Building amenities include a café, sit-down areas, conference facilities, full building generator back-up and four loading dock bays. Designed to capitalize on the property’s central New Jersey location, less than an hour outside of New York City, 77 Corporate Drive has the unique potential to accommodate a parking ratio of seven spaces per 1,000 square feet leased.
Legacy Investing purchased the property from Senior Housing Properties Trust for $47.5 million. Currently 59% leased to IQVIA, a publicly traded multinational health information technology and clinical research company, the property is well suited to capture an additional anchor tenant or be demised for multi-tenant use with plug-n-play space featuring available furniture and high-end fixtures and finishes.
“Legacy’s proven track record with property lease-ups coupled with the characteristics of this asset fit well with Bridge Investment Group’s portfolio strategy,” explained Lawson of Phillips Realty Capital. “Based on deals we’ve worked on separately for each firm, we knew this would be a win-win for the borrower and the lender.”
“The Phillips team remains an outstanding resource and partner for our team when we evaluate all types of real estate transactions,” said Jay Rappaport, co-founder and Managing Member of Legacy Investing. “We were thrilled with their ability to structure the right capital partner for this opportunity, and we look forward to working with them and Bridge on future deals.”
About Legacy Investing, LLC
Legacy Investing invests in asset classes where tenant demand is being disrupted by fundamental changes in technology. Legacy focuses on data center, industrial and office real estate across the US. The firm’s team of seasoned technology and real estate executives has leveraged this platform over the past decade to complete more than $1.5 billion in transactions. Read more about Legacy Investing at www.legacyinvesting.com.
About Bridge Investment Group
A team lead by Jay Haberman originated the loan and provided the funds to acquire the Class-A office property. Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management. Bridge combines its 2,700-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and debt strategies. Read more at www.bridgeig.com.