305 Madison Ave. in Morris Township — Courtesy: CBRE
By Joshua Burd
A biopharmaceutical company is moving its headquarters from Manhattan after taking more than 26,000 square feet in Morris Township, brokers with CBRE announced Monday.
The firm, Intercept Pharmaceuticals, will occupy space at 305 Madison Ave. under a lease with Crum & Forster, a national property casualty insurance group. It is currently based at Hudson Yards on Manhattan’s West Side, but is now headed for a 213,857-square-foot building about two miles from downtown Morristown.
CBRE’s Conor Dolan represented ownership in the 26,174-square-foot deal.
“Intercept Pharmaceuticals’ relocation from New York City to Crum & Forster’s world class headquarters in Morristown demonstrates the allure of premier office space and competitive rents that New Jersey has to offer,” Dolan said. “We are pleased to welcome Intercept Pharmaceuticals into the Crum & Forster building and look forward to welcoming other high-quality tenants as well.”
In announcing the deal, CBRE said 305 Madison was renovated in 2018, providing tenants with amenities such as a fitness center, a coffee and smoothie bar, an auditorium and conference center and an outdoor patio and rooftop space. Its newest tenant is a biopharmaceutical company focusing on the development of drugs to treat chronic liver diseases.