All photos below courtesy of JLL.
When it comes to the life sciences sector, JLL has helped broker some of the state’s signature deals since 2013. Below is a look at the transactions (sale prices were not disclosed).
1041 U.S. HIGHWAY 202/206, BRIDGEWATER
SELLER: Sanofi U.S.
BUYER: Advance Realty and CrossHarbor Capital Partners
YEAR: 2013
SIZE: 1.2 million square feet
WHAT’S NEXT? Advance and CrossHarbor have secured Nestlé Health Science as an R&D anchor tenant at the site — now known as the New Jersey Center of Excellence — and have secured the zoning approvals to redevelop 62 of the site’s 110 acres as a mixed-use town center.
556 MORRIS AVE., SUMMIT
SELLER: Merck & Co.
BUYER: Celgene Corp.
YEAR: 2015
SIZE: 1.3 million square feet
WHAT’S NEXT? The Summit-based biotech giant, whose rapid growth is tied to its advanced drugs and therapies, was expected to backfill the space with employees who were stationed at other locations.
Celgene at the time had additional offices in Berkeley Heights, Basking Ridge, Warren and Cedar Knolls. Company representatives did not return requests for comment.
340 KINGSLAND ST., NUTLEY (AND CLIFTON)
SELLER: Hoffman-LaRoche
BUYER: PB Nutclif I LLC (a Prism Capital Partners affiliate)
YEAR: 2016
SIZE: 1.2 million square feet
WHAT’S NEXT? With a new medical school as its anchor, Prism is in discussions with prospective commercial tenants for the remaining space and for potential build-to-suits. Later this year, the firm will begin to work with local officials on a mixed-use master plan.
1011 MORRIS AVE., UNION
SELLER: Merck & Co.
BUYER: Russo Development
YEAR: 2017 (expected closing)
SIZE: 1 million square feet
WHAT’S NEXT? After settling a legal dispute with neighboring Kean University over the rights to the land, Russo is expected to move forward with plans for a mixed-use development anchored by the nearby NJ Transit station.
RELATED: JLL team has brokered deals to reposition state’s vacant pharma sites
