2 Clarke Drive in Cranbury — Courtesy: Cushman & Wakefield
By Joshua Burd
A pharmaceutical supply services firms has leased more than 45,000 square feet of lab and research and development space in Cranbury, brokers with Cushman & Wakefield said Tuesday.
The firm, Experic LLC, is using the space at 2 Clarke Drive to support the expansion needs of its contract-based business, C&W said in a news release. The location provides space for clinical and marketed product manufacturing, R&D, packaging and distribution.
C&W leasing specialists Todd Elfand and Jason Goldman, who are based in the firm’s Iselin office, represented Experic in negotiating the long-term lease.
“The biotech and pharmaceutical industry is resurging in New Jersey, with contract manufacturing and packaging activities expanding as a result, and our client’s business is growing exponentially with it,” Elfand said. He noted that the state’s lab and R&D market has improved dramatically, with vacancy declining to 10.9 percent from 21.1 percent at the close of 2016, pushing asking rents up by 6.6 percent in that time.
“It has become more challenging to find large blocks of available, quality lab space,” Elfand added. “The lease at 2 Clarke Drive not only met Experic’s current size needs, but offers enough room to accommodate the company’s expansion.”
Experic’s new home is within the Cedar Brook Corporate Center, an office and life sciences campus just off Exit 8A of the New Jersey Turnpike. C&W said the location offers high-end lab and manufacturing space in a campus setting, loading capabilities, convenient access to talent in and around the Princeton submarket and close proximity to New York, Pennsylvania and other key areas.
“It was a good fit, and the landlord, Cedar Brook, along with Experic Principals Eric Bergmann and Jeff Shane, worked diligently with our team to get the deal done,” Goldman said. “Experic is at the forefront of its industry and will continue to thrive and expand.”
Experic provides clinical trial materials solutions and specialty commercial product services to the pharmaceutical industry, C&W said, with a specialized focus on the needs of small, midsized and specialty drug developers.
