Page 8 - 2021 Spotlight NJ's Top Law Firms

6 MARCH 2021
BRIDGE DETAILS NEW 359,000 SQ. FT.
LOGISTICS PROJECT IN BELLEVILLE
December, in a transaction brokered by Jerry Putterman of Newmark.
“We’re excited to transform this once-dilapidated site into a state- of-the-art industrial facility situated strategically to service millions
of residents in both New Jersey and New York,” said Jeff Milanaik, Bridge’s Northeast region partner. “This project would not have been possible without the support of the township of Belleville, and we’re
very thankful for the cooperative and successful relationship we have been able to establish with the many municipal offices involved.
Bridge Development Partners has broken ground on nearly 360,000 square feet of new industrial space at the former site of a blighted manufacturing facility in Belleville.
Located at 675 Main St., the 24-acre site is directly west of Route 21 and
about two miles south of Route 3. Plans call for a 358,586-square-foot facility with 40-foot clear ceiling heights, 58 rear-loading docks and parking for up to 160 cars and 94 trucks.
Bridge acquired the site in
“We look
forward to
bringing a new, modern Class
A facility in
this prime infill location to
users looking
for a place in
the thriving Meadowlands market.”
Jeff Milanaik
A rendering of a typical Bridge Development Partners facility
FLORHAM PARK OFFICE, LIFE SCIENCES SALE NETS $47 MILLION
quality of the asset would be an excellent addition to its portfolio of geographically diverse, core assets.”
CBRE noted that Celularity, a spinoff of Celgene Corp., occupies the entire building on a long-term basis. The company relocated there in spring 2019 as part of a high-profile lease brokered by Transwestern Commercial Services and Colliers International.
The building serves as Celularity’s headquarters, lab and manufacturing facility and was previously a vacant office property before a complete overhaul by its former owner. According to CBRE, the property now houses some of the most advanced laboratory and manufacturing space for cellular medicine and biomaterials in the country.
“The buyer pool for life sciences
is very deep and this asset was no exception,” said Neuer, an executive vice president with CBRE. “Given LaSalle’s ownership of another building nearby, this was a natural acquisition target for them.”
The Rock Brook Consulting Group provided professional engineering design services alongside the architecture firm, Gensler, which designed and documented the architectural interiors. Turner Construction Co. led the design-build partnership for the project.
The property is part of the mixed- use, 270-acre campus known as The
Construction began in January,
with completion slated for the third quarter of 2022, according to a news release. The developer noted that the parcel is within six miles of the Lincoln Tunnel and four miles of the New Jersey Turnpike, making
it an attractive site for delivery to New York City and the surrounding region.
Green at Florham Park. For JLL Income Property Trust, the building is the latest addition to a portfolio that spans 85 properties valued at $3.5 billion, the REIT said.
“Within the office sector our priority investments are health care-oriented, focusing on medical office and
life science properties,” said Allan Swaringen, CEO and president
of JLL Income Property Trust.
“In a post-COVID environment of eroding fundamentals for traditional multitenant office properties, these two health care-oriented sectors stand out for their lower vacancy rates, healthy net absorption
and balanced new supply due to significant barriers to entry because of higher construction and tenant improvement costs. These factors also lead to higher tenant retention even during periods of weakness within traditional office market environments.”
Swaringen added: “While we
are excited about expanding
our health care allocation, we
were also attracted to acquiring
170 Park Avenue significantly
below replacement cost and with tenant- and prior owner-funded improvements to the building in excess of $80 million. Celularity’s improvements resulted in 170 Park housing some of the most advanced laboratory and manufacturing space for cellular medicine and biomaterials in the country.”
An investment firm has sold a corporate headquarters and life sciences building in Florham Park for nearly $47 million, under a transaction announced by CBRE.
The brokerage team, which represented the undisclosed
seller, said JLL Income Property Trust acquired the fully leased, 147,215-square-foot complex at
170 Park Ave. The real estate investment trust paid $46.6 million for the property, which is home to the biotechnology company Celularity Inc. after a high-profile renovation about two years ago.
CBRE’s Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of the firm’s institutional
properties group completed the deal in partnership with Tom Sullivan,
a senior vice president in its East Brunswick office. Matthew Schiller of Murphy Schiller & Wilkes LLP also represented the seller.
“The seller, Celularity and the entire design/construction team in
170 Park Ave. in Florham Park
Jeffrey Dunne
partnership truly created one of the most advanced life sciences facilities in
the country,” said Dunne, a vice chairman with CBRE.
“JLL Income Property Trust fully understood the uniqueness and high
Courtesy: CBRE Courtesy: Bridge Development Partners