Health Care Property Investors will rename itself HCP on Sept. 7, to mark the change in its portfolio from the two acute care hospitals and 22 skilled nursing facilities that comprised its original portfolio.
Sanofi-Aventis, Advanced Health Media, Alexandria Real Estate Equities, Health Care Property Investors
Company Sublets Space from Sanofi-Aventis at Bridgewater, NJ, Office Campus
Sanofi-Aventis has subleased 88,000 square feet of its office space at 300 Somerset Corporate Blvd. in Bridgewater, NJ, to Advanced Health Media, a supplier of marketing services and proprietary software to the pharmaceutical industry. AHM will use the space to house its growing meeting logistics operations, which support the firm’s pharmaceutical marketing and speaker program services segments.
300 Somerset Corporate Blvd. is an eight-story, 310,000-square-foot Class A office building within the Somerset Corporate Center, owned by SJP Properties. The granite-and-glass building is linked to the twin 310,000-square-foot 400 Somerset Corporate Blvd. in a section of the office campus called Somerset Corporate Center III and IV. The section was completed in 2001 for Aventis Pharmaceuticals, which merged last year with Sanofi-Synthalabo to form Sanolfi-Aventis. The combined company consolidated its US headquarters elsewhere in Bridgewater.
The section is part of the five buildings totaling 1.3 million square feet that comprise the office campus. SJP has rights for a sixth building of 250,000 square feet within the campus, located near routes 22 and 202/206 as well as interstates 78 and 287.
AHM was represented by Bryn Cinque, a senior vice president of GVA Williams NJ in Parsippany. Representing Sanolfi-Aventis were senior vice presidents Nicholas Nemeth and Bleecker Totten, vice president Nicholas Savage, and senior associate Robert Ryan, all of CB Richard Ellis. CBRE represented Sanolfi-Aventis in collaboration with the Zell Partnership.
Alexandria Real Estate Equities Reports 42 Percent Jump in Funds from Operations
Alexandria Real Estate Equities, a real estate investment trust headquartered in Pasadena, Calif., ended the second quarter with a 42.4 percent gain in funds from operations available to common stockholders, to $41.6 million from $29.2 million, on revenue that rose nearly 37 percent, to $95.9 million from $70.2 million in the second three months of 2006.
During the second quarter of 2007, Alexandria said, it executed a total of 38 leases for approximately 335,000 square feet of space at 28 different properties, excluding month-to-month leases. Of that total, about 151,000 square feet related to new or renewal leases of previously leased space and approximately 184,000 square feet related to redeveloped, developed or previously vacant space. Rental rates were on average about 5.5 percent higher than those for expiring leases.
HCP Announces Second-Quarter Results, and a New Name
Health Care Property Investors, a real estate investment trust headquartered in Long Beach, Calif., recorded a near-doubling of its funds from operations applicable to common shares, to $120.4 million from $64.7 million in the second three months of 2006, on revenue that rocketed 88 percent to $242.7 million from $116.2 million a year earlier.
During the third quarter, Health Care Property Investors invested $98 million — $72 million of acquired interests in real estate and $26 million of debt and equity securities — with an average yield of 8.5 percent. The company sold investments valued at $236 million, which included the sale of 20 properties for $187 million, and debt securities for $49 million.