700 Route 202/206 in Bridgewater — file photo
By Joshua Burd
A pharmaceutical company has leased 117,000 square feet at a Bridgewater office building, whose owner is planning a major renovation to transform and modernize the property.
The company, Insmed Inc., inked the long-term commitment with Exeter Property Group for the soon-to-be-upgraded space at 700 Route 202/206, according to recent regulatory filings. Already based in Bridgewater, the life sciences firm would occupy all or most of the three-story building, with the option to expand by up to 50,000 square feet.
It was unclear Tuesday if the move will represent an expansion or a relocation for Insmed, although the company told regulators that it was leasing the new space for its headquarters.
Exeter did not respond to requests for comment on the deal, but regulatory filings and the landlord’s website detail plans for a complete overhaul of the building. A flyer for the property says it will include new high-efficiency mechanical and lighting systems, a new roof and a new floor-to-ceiling glass and steel façade in place of the existing brick exterior.
A copy of the lease agreement, which was filed with the Securities and Exchange Commission, also lists upgrades such as a new main entryway, fresh landscaping and a plan to gut the building’s interior. Exeter also hopes to capture the benefit of being minutes from the Bridgewater Commons mall and other amenities in the township.
The SEC filing lists Newmark Knight Frank and JLL as the landlord and tenant brokers, respectively, but the firms could not be reached or declined to comment. Meyer Architecture + Interiors is listed as the consultant for the expansion.
The property sits at the corner of Route 202/206 and Allen Road, just minutes from Interstate 287. Insmed, which has offices in seven countries, is currently based at 10 Finderne Ave. in the township, about 15 minutes from the Exeter building.
According to the lease agreement, the work is expected to begin by year-end and be complete around next spring.