60 South Jefferson Road in Whippany — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate has added to its tenant roster at a Hanover commercial property, where it has signed a lease for more than 7,500 square feet with a 3D printing company.
The tenant, Desktop Metal, will use the space at 60 South Jefferson Road in the township’s Whippany section to continue research and development on metal 3D printing technologies, according to a news release. The publicly traded, Burlington, Massachusetts-based company will occupy 7,571 square feet under a five-year lease.
“Desktop Metal offers a unique and valuable service unlike anything else in northern New Jersey, and a light industrial (and) tech space is precisely what they need to accommodate their 3D printing equipment,” said Marcus Lee, an asset manager with Tulfra.
“60 South Jefferson Road is joining the ranks of many companies that call northern New Jersey home, some of which may turn to 3D printing to make prototypes or parts for machines,” he added, noting that Desktop Metal’s new office is close to major office park centers throughout the Parsippany-Troy Hills area. “Having this resource in their backyard will be a tremendous asset.”
Hugh Scullin of Katz & Associates and Nancy Tuckman of Newmark Associates brokered the transaction, which comes roughly seven years after Tulfra acquired the 5.5-acre, 57,000-square-foot former manufacturing site. Since then, the real estate firm has completed major renovations to help the building serve multiple tenants and cater to light industrial and technology users.
Improvements include updated electric, new lighting, new bathrooms, new entryways, architectural glass, loading doors, a new roof and upgrades to the parking lot and grounds.
“Our vision for 60 South Jefferson Road is for leading industrial and tech companies like Desktop Metal to plant roots and grow here,” Lee said. “With Desktop Metal opening a new location in Unit 2, they are in just the right space to service clients from all industries and backgrounds.”
Named a Technology Pioneer by the World Economic Forum, Desktop Metal has been valued at more than $1 billion, Tulfra said in the news release. The company currently offers several variations of its 3D printing technology geared to different materials, industries and use cases.
Its new location provides quick access to routes 10 and 24 and interstates 287, 280 and 80, along with the Morristown Airport and Newark Liberty International Airport.