EDISON—Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the sale of 2121 Route 27, a 99,000-sq.-ft. R&D and office building, for $16.5 million. Fully occupied by Revlon and utilized as the consumer products giant’s primary R&D center, the building is part of Edison Towne Corporate Center, combining office anduses.
The East Rutherford-based Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel represented the seller, The Morris Companies. The buyer was Angelo, Gordon & Company on behalf of the $560 million AG Net Lease Realty Fund, II, one of a series of net leasedfunds managed by the firm.
Edison Towne Center also encompasses a 248,000-sq.-ft. multi-tenant office building at 2147 Route 27, connected to the Revlon R&D facility by a common lobby, as well as a 140,000-sq.-ft. industrial building and land approved for an additional 650,000 sq. ft. of industrial space. In addition to the R&D center, Revlon occupies 31,500 sq. ft. within the adjacent office building.
Situated off Exit 2 of I-287 and two miles from the New Jersey Turnpike, the buildings are located in the Princeton/Route 1 research corridor, dubbed Einstein’s Alley. The just-sold Revlon R&D facility was constructed in 1984 and always has been occupied by the company. The office building, the sale of which is pending, was built in 1980 and substantially renovated in 2010. Besides the 31,500 square feet occupied by Revlon, the office building’s major tenants include XO Communications and Dr. Leonard’s Healthcare.