Central New Jersey former HQ office property trades

MORRISTOWN, N.J., Sept. 29, 2025 – JLL Capital Markets announced today that it has completed the sale of 200 Franklin Square, a 200,000-square-foot, headquarters-quality office property in Franklin Township, New Jersey.

JLL represented the seller and procured the buyer, Axria, Inc.

200 Franklin Square was the former North American headquarters for Philips Electronics and is currently 100% vacant. The four-story property was recently renovated in 2016 and offers parking for 750 vehicles in surface lots.

The 12.19-acre site is zoned for a broad range of commercial uses, including office, medical, educational and light industrial, offering flexibility for the new owner. 200 Franklin Square has direct access to Interstate 287 and is close to the New Jersey Turnpike and I-78, strategically positioned to access the talented labor pool in Somerset County.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz and Jeremy Neuer, Senior Director Ryan Robertson and Managing Directors Nicholas Stefans and Jason Lundy.

“We intend to redevelop this property to its highest and best-use, creating significant value for the market. We see tremendous opportunity ahead. Our team is actively working on it,” said Chandra Mandalapu, CEO of Axria.

Adi Mokkapati Principal at Axria, who directed the transaction said, “This investment presents a unique redevelopment opportunity to reposition an underutilized office building in a highly sought-after New Jersey submarket with limited available land”.

“This opportunity was unique as a former headquarters, but also a blank canvas with numerous possibilities for future use,” said Cruz. “We are bullish on Axria’s business plan going forward.”

“The quality of the asset attracted a wide range of investors in what has become a tight market in the last few years,” commented Neuer. “Given the redevelopment of over one million square feet of office to industrial, the shrinking market has created a lack of supply for true Class A office in Frankin Township and the surrounding towns.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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