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Business Services Industry

Pharmaceutical giant expands in Fairfield

Real Estate Weekly, Feb 20, 2008

Bayer Healthcare Pharmaceuticals has signed a lease for the entirety of 700 Route 46 East, an approximately 48,000 s/f, Class A office building in Fairfield, N.J.

The new lease represents an expansion of Bayer Healthcare Pharmaceutical's existing tenancy of three floors in the four-story building.

Newmark Knight Frank managing director Frank D. Recine and associates Blake J. Goodman and Ken Porreca, all members of the global real estate services firm's Rutherford, N.J office, negotiated the transaction on behalf of the landlord, True North Fairfield Property Partners, an affiliate of the New York-based real estate investment management and private equity firm, True North Management Group.

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David Warren of Resource Realty of Northern New Jersey represented the tenant.

Shortly after True North secured the purchase of 700 Route 46 East from The Blackstone Group in the second quarter of 2007, Recine and Goodman placed Bayer Healthcare Pharmaceuticals as the lead/anchor tenant for the building.

Recine had successfully represented the Blackstone affiliate in the closing of its sale of the property to True North, which led to the retention of the Newmark Knight Frank team as the building's exclusive leasing and management agent.

"At the time, we selected Frank and the Newmark Knight Frank team because we were impressed with their service and professionalism in negotiating both the building sale and the Bayer lease, which almost instantly created significant value for us after securing the property," said True North Principal Girard Tunney. "And that decision has since paid off even more handsomely through Bayer's recent expansion."

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True North, which also owns the adjacent and physically connected Crowne Plaza Fairfield Hotel, has commenced an extensive renovation of this mixed-use complex. With the completion of the hotel scheduled for early 2009, the Crowne Plaza will be re-established as the preeminent first class, full-service hotel, meetings and catering facility of the area, an important complement to Bayer's commitment to the location and property.

Business Services Industry

Pharmaceutical giant expands in Fairfield

Real Estate Weekly, Feb 20, 2008

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