Pharmacia grabs AT&T headquarters for $200 million

AT&T has sold its Basking Ridge, N.J. headquarters to Peapack, N.J.-based Pharmacia Corp. for $200 million. The campus, featuring 1.3 million sq. ft. of office space, is located on 140 acres of property, accommodates more than 4,000 employees.

Robert J. Donnelly and Marc A. Rosenberg, executive vice presidents of New York-based Cushman & Wakefield, advised AT&T in the transaction. AT&T will occupy the building until Nov. 2002. The campus of 2- and 4-story buildings features an on-site conference center with 171 rooms for overnight accommodations, a lobby containing an indoor waterfall, a helicopter pad and recreational fields.