Sanofi-Aventis HQ Sells for $230 Million

(MoneyWatch)  Sanofi-Aventis leases its North American headquarters in Bridgewater, N.J. Renting is fine for some, but a recent deal indicates that despite the declining real estate market, Sanofi may have been better off buying its 670,000-foot complex.

The Sanofi building, owned by SL Green Realty Corp. and Gramercy Capital Corp., just sold for $230 million to another set of real estate investors, Inland American Real Estate Trust. The building at 55 Corporate Drive was bought by SL Green in 2005 for just $125 million.

So while Sanofi sat there paying rent, the landlord made a sweet $105 million on the deal -- plus Sanofi's lease payments.

At the time, Sanofi hailed its move to Bridgewater as "a perfect choice."