Axtria Acquires 200000 Square Foot Office Building In Somerset For Redevelopment

The asset involved in this transaction is an office property located at 200 Franklin Square Drive in Somerset market. The facility spans a total area of 200,000 square feet sitting on a 12.19-acre site. Axtria Inc. has acquired this property, which formerly served as the Philips Electronics North American headquarters.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not disclosed
• Address: 200 Franklin Square Drive
• Market: Somerset
• Total Area: 200,000 SF
• Acres: 12.19
• Buyer: Chandra Mandalapu - Axtria
• Brokers: Jose Cruz, Jeremy Neuer, Ryan Robertson, Nick Stefans & Jason Lundy - JLL

JLL Capital Markets represented the seller, who remains undisclosed, and emphasized the property’s flexible zoning, allowing for various uses including office, medical, educational, or light industrial purposes.