170 Park Ave. in Florham Park — Courtesy: Transwestern Commercial Services
By Joshua Burd
A biotechnology company is consolidating its headquarters, manufacturing and research and development functions as part of a new full-building, 147,215-square-foot lease in Florham Park.
The firm, Celularity, has signed a long-term commitment at 170 Park Ave. under a transaction announced by Transwestern Commercial Services and Colliers International. The company is relocating this month, with completion of the fit-out expected late this year or early next year.
Transwestern Principal James Postell, Managing Director Matt McDonough and Vice President Dan Ligorner represented the building owner. Charlie Hatfield, an executive managing director with Colliers and its New Jersey life sciences practice leader, and Vice President Ryan Healy represented Celularity, a commercial-stage cell therapeutics company.
The Florham Park property is part of a two-building office campus totaling 368,780 square feet, which has undergone major upgrades and experienced strong leasing activity, Transwestern said. The agency team is now marketing a remaining 70,000 square feet.
“We’re incredibly proud of what we have accomplished at 170 – 180 Park Ave. in such a short period,” Postell said. “It’s a testament to the hard work and dedication of our entire team. Attracted in large part to the significant upgrades to infrastructure and amenities, Celularity seized the opportunity to become part of the innovative environment that’s emerged in Florham Park.”
The deal also marks the largest new office lease in New Jersey for the first quarter of 2019. Celularity, a spinoff of biotech giant Celgene, is relocating from Warren.
The Colliers team of Hatfield and Healy previously represented the company in 2017 to secure a short-term lease for its initial headquarters, according to a news release. The new lease allows the Celularity to consolidate its corporate offices, manufacturing and R&D under one roof.
“The chance to work with the Celularity team once again has been an honor,” Hatfield said. “Celularity is attacking some of the most complicated and devastating diseases in the world. To be able to find an ideal headquarters that allows the company to continue its mission of eradicating cancers is a personal privilege and a thrill for my team.”
The biotech company’s new home sits adjacent to The Green at Florham Park, a 268-acre, master-planned campus with restaurants, the training facility for the New York Jets, BASF’s North American headquarters and a flexible-stay residential community known as AVE Florham Park. The site is also home to an ARCHER Hotel and Summit Medical Group.
“Being able to work through the various intricacies of a corporate consolidation of this caliber takes a sophisticated and knowledgeable real estate advisory firm,” said John Haines, chief administration officer at Celularity. “Charlie and his team at Colliers supported us on every level and were able to react to fluctuating market dynamics to the direct benefit of our business where timing is critical.”
Ligorner added: “Celularity’s commitment to establish long-term roots in Florham Park underscores the strength of Morris County’s office market. The substantial development we’re seeing reflects the market’s momentum and growing demand.”