Axria Acquires Former Philips HQ in Somerset

On Oct 7, 2025

Axria Inc., a vertically integrated real estate development and investment firm, has acquired 200 Franklin Square Drive in Franklin Township, the former Philips Electronics Headquarters.

The acquisition expands Axria’s footprint in Somerset County and supports its strategy to identify and reposition high-potential properties across New Jersey and Pennsylvania. The 194,680-square-foot, four-story office asset sits on a 12.19-acre site and includes over 750 surface parking spaces. Its location provides direct access to Interstate 287, the New Jersey Turnpike, and major logistics and life-science hubs.

The property’s zoning permits office, medical, educational, and light industrial uses, giving Axria flexibility to evaluate multiple pathways from continued leasing to adaptive reuse or industrial conversion. At acquisition, the building was approximately 40% pre-leased, with 125,000 square feet available for new tenants.

“We have had our eye on 200 Franklin for years,” said Chandra Mandalapu, CEO of Axria. “With six existing assets in Somerset County and a long-standing presence in the I-287 corridor, this acquisition is a natural extension of our local expertise. Our engineering and development teams are evaluating the site’s highest and best use, whether through repositioning, adaptive reuse, or redevelopment.”

“This is the kind of acquisition that separates market leaders from market followers,” added Chandra Mandalapu. “We combine local market knowledge, in-house construction capabilities, and an investor-first mindset to unlock value others cannot.”

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