In one of the region’s most notable commercial real estate moves of the year, Axria Inc. has purchased the former Philips Electronics headquarters at 200 Franklin Square Drive in Somerset, New Jersey. The acquisition—secured after outbidding more than seventy competing offers—marks a major step in Axria’s ongoing expansion and reinforces the company’s strong presence across Somerset County.
Based in Piscataway, Axria has long been recognized as a leader in real estate development and investment throughout the Mid-Atlantic region, with a focus on New Jersey, Pennsylvania, and New York. The firm is known for its vertically integrated structure—handling every aspect of the development process in-house, from land acquisition and planning to construction and long-term management. This approach allows the company to maintain tight control over costs, quality, and project timelines while ensuring a unified vision from start to finish.
The Somerset property spans roughly 200,000 square feet and once served as a major hub for Philips Electronics. Axria’s plans for the site reportedly include a full-scale redevelopment and repositioning, designed to bring new life to the building and adapt it for modern business needs. The project is expected to align with Axria’s broader strategy of transforming underutilized assets into high-performing, sustainable properties that strengthen local economies.
With over five decades of experience in real estate, Axria’s portfolio includes more than 100 completed developments and over $1.2 billion in delivered value. The company currently manages a diverse range of assets—from multifamily housing and mixed-use complexes to retail, industrial, and senior living spaces—and oversees more than $160 million in assets with an active development pipeline estimated around $800 million.
What sets Axria apart in New Jersey’s competitive real estate landscape is its commitment to adaptability and foresight. The firm consistently tracks market trends and shares industry insights through its platforms, offering analysis on everything from property valuations to the ongoing strength of the Garden State’s commercial and residential markets.
The acquisition of 200 Franklin Square Drive demonstrates not only Axria’s growth ambitions but also its confidence in the resilience of New Jersey’s real estate sector, a market that continues to attract both national and international investors. The redevelopment of this high-profile property will likely serve as a catalyst for further economic activity in Somerset County—enhancing the area’s business infrastructure while reinforcing its appeal as a regional hub for innovation and investment.
For more updates on New Jersey’s evolving real estate market and other major developments across the state, visit Explore New Jersey Real Estate.
