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I-287 Corridor Deals Reflect Life Sciences Expansion, Owner/Occupier Plays
PISCATAWAY and SOMERSET, N.J., Oct. 24, 2017 – Two Cushman & Wakefield-brokered industrial property trades reflect continued expansion for life sciences firms along New Jersey’s I-287 Corridor, and illustrate a trend toward owner/occupier plays within this key business sector. Cushman & Wakefield’s Shawn Straka, a Managing Director based in the commercial real estate services firm’s Morristown, N.J. office, represented the buyers in both transactions.
In Piscataway, MSN Pharmaceuticals purchased 20 Duke Road. The 203,674-square-foot building will house the company’s new United States R&D and manufacturing operation; its regional administrative offices will relocate to the property as well. MSN is one of the fastest-growing manufacturers of active pharmaceutical ingredients and finished dosages in India, according to the company’s website. JLL’s Joel Lubin and Chad Hillier represented the seller, Penwood Real Estate, in the 20 Duke Road sale.
Further north in Somerset, Somerset Therapeutics acquired a 67,000-square-foot facility at 300 Franklin Square Drive. Founded in 2015, the sterile pharmaceutical company manufactures and markets injectable and ophthalmic drugs for the U.S. marketplace. It has developed a specialized portfolio of approved products and an expansive pipeline, according to the company’s website. Fahri Ozturk of Marcus & Millichap represented the seller, Candela Properties, in the sale of 300 Franklin Square Drive.
“The I-287 Corridor submarket has long been the heart of life sciences in New Jersey, and the commitments by MSN Laboratories and Somerset Therapeutics show the market’s sustained appeal,” Straka said. “This industry continues to grow statewide, leading to strong demand for R&D and manufacturing space. Life science companies are investing significant capital to create new R&D facilities, and they are opting to own rather than lease.”
Straka added that the robust industrial market across the state of New Jersey is creating strong competition for available properties.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.