Company Signs 16,201-SF Lease at NJ’s Premier Life Sciences R&D Campus
The partnership of Advance Realty and CrossHarbor Capital Partners, LLC today announced that biotechnology company Clinical Genomics has signed a 16,201-square-foot lease at the New Jersey Center of Excellence (NJCOE) in Bridgewater, New Jersey.
The lease is an expansion for Clinical Genomics, which has been a tenant at NJCOE since 2015. The organization, which develops products for colorectal cancer diagnosis and monitoring, is one of many innovative life sciences companies that occupy the campus, which Advance and CrossHarbor acquired in 2014 when global pharmaceutical company Sanofi relocated its research and development arm to the Boston area. Recognizing that Sanofi was leaving behind a state-of-the-art laboratory environment in the heart of an internationally recognized life sciences corridor, Advance saw an opportunity to create a holistic mixed-use community that would attract the world’s brightest minds and most innovative companies.
Advance’s master plan for NJCOE calls for 400 luxury residences as well as numerous amenities of urban life, such as restaurants, a wellness center, a grocer, entertainment, shops and outdoor recreation — all amidst the serene backdrop and rolling hills of Central New Jersey’s Somerset County. Construction on the town center portion of the project is set to begin this winter.
“Our decision to relocate to the New Jersey Center of Excellence has proven to be extremely beneficial in terms of both productivity and employee satisfaction,” stated Lawrence LaPointe, Ph.D., CEO and co-founder of Clinical Genomics. “As we continue to combat cancer through the development of healthcare solutions that enable early detection and prevention of the disease, the increased amount of state-of-the-art space that we’ve leased will allow for the company’s current and future growth.”
Peter Cocoziello, founder and CEO of Advance Realty, added: “Clinical Genomics’ decision to lease additional space at the New Jersey Center of Excellence is a tribute to both the success and growth of the company, as well as the world-class R&D environment we’ve created at the campus for bio and pharma companies. As we embark on our plan to create New Jersey’s most dynamic new town center, the fact that leading companies in the sector are leasing space and expanding their footprints at NJCOE validates our vision for bringing the best and brightest minds in life science innovation to Bridgewater, and creating a destination for the entire region.”
Since unveiling the master plan for NJCOE, Advance and CrossHarbor have attracted some of the world’s leading life sciences companies to the property, including global nutrition therapy innovator Nestlé Health Science, which recently signed a lease for 180,000 square feet of research and development space.
Key to Advance’s vision for NJCOE is the campus’s geographic location. In the middle of the Boston-to-Washington “wealth corridor,” Bridgewater Township boasts the highest concentration of life sciences companies in New Jersey. NJCOE is also adjacent to Interstate 287, which connects New York City, Westchester County and Northern New Jersey, as well as State Routes 202/206, 22 and 28. Interstate 78, which connects Pennsylvania’s Lehigh Valley and New York City, is three miles from the campus.
Clinical Genomics was represented in the transaction by Mary Franzwa Ryan of Franzwa Real Estate Advisors, LLC, while Advance was represented by Director of Asset Management Barry Quiner and a JLL team of Daniel Loughlin, Robert Ryan, Craig Eisenhardt and Scott Stange.
About Advance Realty
Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance’s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.
About CrossHarbor Capital Partners LLC
CrossHarbor Capital Partners LLC is a Boston-based alternative investment management firm that invests in value-add and opportunistic commercial real estate transactions. The firm seeks short and medium duration debt and equity investments that offer a compelling case for generating high absolute returns. CrossHarbor was founded in 1993 and has invested in more than $13 billion of commercial real estate on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, family offices and sovereign entities.