That’s not that out of line from what typical in the private sector in the US, once you factor in everything from HR, to building expenses, to health insurance premiums.
Remove that and I just don’t believe you, outside of the most bureaucratic and exceptional companies (eg Google, where the money printing machine has led the company to insane levels of “overhead”).
I’ve worked plenty in the private sector and it’s nonsense to suggest overheads are similar In general.