75 Commerce Drive in Allendale — Courtesy: Avison Young
By Joshua Burd
A life sciences firm will occupy nearly half of a 115,000-square-foot building in Allendale, under a new long-term lease that brings the flex property to full occupancy.
The tenant, Hitachi Chemical Advanced Therapeutics Solutions, has committed to 50,000 square feet at 75 Commerce Drive, according the real estate services firm Avison Young. Brokers with the firm’s Morristown office represented the landlord in the transaction.
In a news release, Avison Young said HCATS plans to use the new facility to support its growth as a leader in the development of cellular therapeutic technologies.
Avison Young Senior Vice President Marc. S. Krieger led the firm’s New Jersey team in the transaction. CBRE First Vice President Randy Eigen represented HCATS.
“We are excited to announce the closing of our latest leasing transaction, which brings 75 Commerce Drive to full occupancy,” Jeffrey L. Heller, Avison Young principal and managing director in New Jersey, said in a prepared statement. “The completion of this long-term lease is a testament to both Avison Young New Jersey team’s market insight as well as our comprehensive suite of offerings as our project management team’s work in dividing the space helped our client maximize the value of the property.”
Avison Young was named the exclusive agent of 75 Commerce Drive in July 2015 and was tasked with leasing 71,000 square feet. The firm said its New Jersey project management team worked on a way to divide the space, which ultimately led to a 21,000 square-foot lease with Telemetrics Inc., a company that specializes in robotic video applications for broadcasting and defense, and the new 50,000 square-foot lease with HCATS.
Krieger represented the landlord in the earlier transaction. McBride Corp. President Gregory Hoffmann and Vice President Michael Brown represented Telemetrics.
