Mack-Cali Realty Corp., in Edison, announced Monday it sold its office building at 55 Corporate Drive, in Bridgewater, in a $72.3 million deal.
The building, a four-story, 205,439-square-foot class A property, was purchased by a subsidiary of Cole Corporate Income Trust, of Phoenix. It was completed in 2011 by Mack-Cali, which developed it as a build-to-suit headquarters for Sanofi.
“Northern New Jersey is a leading market for corporate facilities because of its proximity to New York City, transportation infrastructure, strong economic base and large population within a 30-minute commute,” said Robert Micera, Cole’s chief investment officer for office and industrial, in prepared remarks.
Micera said the acquisition was attractive because Sanofi is a strong, credit-worthy company with a long-term lease.
“The building itself is a well-constructed asset with a lot of high-end finishes,” he said. “It’s located among a lot of corporate headquarters with good access to labor and transportation.”
Mack-Cali did not respond to requests for comment this morning.