777 Scudders Mill Road in Plainsboro — Courtesy: Colliers International
By Joshua Burd
Another tenant is coming to a sprawling former Bristol-Meyers Squibb campus in Plainsboro, having committed to 70,000 square feet at one of the site’s existing high-end office buildings.
Colliers International announced Monday that it represented Trawler Capital Management, the landlord at 777 Scudders Mill Road, in the transaction with Croda International’s U.S. subsidiary. The tenant, a specialty chemicals company, has signed a long-term lease at what’s now known as Princeton Forrestal Innovation Park.
The property’s leasing team includes Charlie Hatfield, an executive managing director with Colliers and the head of its New Jersey life sciences practice, along with JLL Associate Director Brett Incollingo and Managing Director Tom Romano. Jeff Garibaldi and Jackie Madden of The Garibaldi Group represented Croda.
In a news release, Colliers noted that the team of Hatfield, Romano and Incollingo previously completed a 90,000-square-foot lease with Genmab, a biotech firm that became the first new tenant at the property after Bristol-Myers Squibb vacated the 125-acre complex.
“Croda Inc.’s relocation of its U.S. headquarters comes on the heels of a similar transaction for Genmab, a clear indication that Princeton Forrestal Innovation Park is attractive to these types of tenants,” said Hatfield. “In each case, these companies conducted an exhaustive search and vetted the buildings and complex with their architects and engineers to affirm that the complex was built to a standard that far exceeds that of other Class A buildings in the market.
“The construction of new amenities, a pastoral setting within Princeton University’s Forrestal Campus and an ideal location set this campus apart. The building’s ownership group is comprised of sophisticated and transaction-oriented professionals who understand how to offer value to multinational tenants by making improvements designed to help them attract and retain a strong employee base.”
All told, the Princeton Forrestal Innovation Park consists of three five-story, 220,000-square-foot office buildings that were designed by The Hillier Group, which Colliers said have been well-maintained since Bristol-Myers Squibb’s departure.
“The Croda signing is another great success for the park which could not have been possible without the cooperation of the Croda and Garibaldi teams,” said Brendan Driscoll, director of Trawler Capital Management. “We look forward to working with Croda to bring its headquarters plans to fruition and to a long and successful relationship.”