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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 28 Issue 22 Nov. 25 - Dec. 8, 2016

Cushman & Wakefield team represents the ownership VisionReal Estate/RubensteinPartners sell One MetLife Way for $95 million

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and LEEDPlatinum Interiors. The MetLife property neigh- bors Bayer Healthcare’s East Coast headquarters. The Vi- sion Real Estate Partners/Ru- benstein team sold 94 acres of the 67 Whippany site to Bayer in 2012, and subsequently redeveloped and expanded an existing building to create the pharma giant’s new 675,000 s/f, LEED-certified facility there. Earlier this year, Bayer purchased an additional 86 acres of adjacent land. A Cushman & Wakefield team led by Robert Don- nelly , Rob Donnelly, Jr. and Marc Rosenberg has represented the ownership throughout the entire pro- cess. The firm’s Metropolitan Area Capital Markets Group – headed by Andrew Merin , David Bernhaut , Gary Ga- briel and Brian Whitmer – also were involved in leading the Salus Government Proper- ties and Bayer sales. n

ANOVER, NJ — Vi- sion Real Estate Partners and Ru-

SPO TLIGHT

benstein Partners have sold the newly completed MetLife Investments Global Headquarters property in Ha- nover to Salus Government Properties . The $95 million transaction marks the culmi- nation of a pioneering, five- and-a-half-year initiative that has successfully repurposed and redeveloped the 194-acre former Alcatel-Lucent campus at 67 Whippany Rd. Bell Laboratories operated at 67 Whippany Rd. from the 1920s through 2009, and through mergers and acqui- sitions had become Alcatel- Lucent when the company relocated 2,100 employees to Murray Hill and put the prop- erty up for sale. In 2010, a joint venture of Vision Real Estate Partners’ predecessor firm, Vision Equities , and Ruben- stein Partners purchased the

ConstructionMgmt. & Design Build 6-13A PROFESSIONAL SERVICES

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ICSC NY National DealMaking Issue

MetLife building

the 14-acre, 185,000 s/f, One MetLife Way. The building opened in September, less than 18 months after MetLife signed its build-to-suit lease. The facility was designed to sustainability standards for LEED Gold Core and Shell

campus – including 15 vacant buildings totaling 1.4 million s/f – with the plan to redevelop it as a modern campus reflect- ing its highest and best use. Vision Real Estate Partners and Rubenstein Partners designed and constructed

Section C

SSH Real Estate completes sale of Chester County portfolio in four deals totaling $27.3m

UPCOMING CONFERENCES December 8th, 2016 Pittsburgh Commercial Real Estate Forecast Summit December 9th, 2016 NJ Commercial HealthCare & Medical Properties Summit December 14th,2016 Philadelphia Downtown Development Summit

WEST CHESTER, PA — The Investment Sales Divi- sion at SSH Real Estate has completed four separate sales of flex buildings on be- half of commercial real estate developer Chris Knauer of Knauer Properties . Three of the four properties are lo- cated in West Chester at 901 S. Bolmar St., 1075 Andrew

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Professional Services........................................6-13A Owners, Developers & Managers............... Section B Shopping Centers Featuring ICSC NY........... Section C

Dr., and 1085 Andrew Dr. The fourth property is in the Lion- ville neighborhood of Exton at 180 Gordon Dr. The combined size of the four properties is 261,550 s/f, and it was 94% occupied by 28 tenants when the marketing process began. Chester County Portfolio 901 S Bolmar St. – 85,920 s/f 1075 Andrew Dr. – 65,200 s/f 1085 Andrew Dr.– 43,675 s/f

180 Gordon Dr. - 66,755 s/f Dan Mayock , the manag- ing director of investment services at SSH who oversaw the sale, initially advocated for marketing the four proper- ties as a portfolio. “While the owner was deal- ing with the sudden vacancy of a large tenant, the SSH team started looking at alternatives and determined that it would

make sense to split the portfo- lio into pieces. This resulted in four deals, three buyers, three lenders, and a 1031 sale (180 Gordon Dr.). We were fortu- nate to have a flexible seller with flexible time frames, so they were willing to consider all alternatives,” said Mayock. Dan Mayock was assisted by Tyler Berlinsky , who re- cently joined the firm. n

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