Global biopharmaceutical firm signs on as first anchor tenant at 433-acre Princeton West R&D Campus; space at site available for lease or sale
JLL has completed a new transaction for Bristol-Myers Squibb at its Princeton West R&D Campus, 311 Pennington-Rocky Hill Road, in Hopewell, N.J., with PTC Therapeutics Inc. The global biopharmaceutical company signed a lease for 185,000 square feet of space at the 433-acre campus, including an existing state-of-the-art biologics production facility, and supporting research and operations buildings.
Building owner Bristol-Myers Squibb was represented by Daniel Loughlin, vice chairman and head of office brokerage in New Jersey; Joseph Garibaldi and James Medenbach, managing directors; and John Buckley and Robert Ryan, senior vice presidents. They worked closely with a multi-disciplinary team from Bristol-Myers Squibb. PTC Therapeutics was represented by Charles Parmelli, director, with Cushman & Wakefield Inc. Christopher Costa, shareholder, and Christopher Tarr, partner, with law firm Stevens & Lee, P.C. represented BMS; Robert Klausner and Mat Carlson, partners, with law firm Fox Rothschild LLP represented PTC Therapeutics.
“JLL New Jersey has extensive experience in marketing high-value life science sites,” said Loughlin. “Bristol-Myers Squibb’s Hopewell campus is a state-of-the-art, move-in ready research, innovation and manufacturing space that is located in a region with a highly skilled workforce. Repositioning a corporate campus to accommodate multiple useres is challenging and complex. JLL appreciates the vision and efforts of all the other project stakeholders that enabled this unique property to facilitate PTC Therapeutics’ exciting growth and future in New Jersey.”
PTC Therapeutics inked a long-term lease for approximately 185,000 square feet of space and will occupy Buildings 9, 10, 12, 13 and a portion of Building 18 at the Princeton West campus. PTC plans to further develop the biologics facility to support gene therapy production, and foster innovation and employment in the community. In addition, the firm plans to move its research operations to a newly renovated building on the same campus. These facilities will complement and enhance existing operations at PTC Therapeutics’ global headquarters in South Plainfield, N.J.
The 433-acre, 1.1 million-square-foot property features 33 buildings, including chemistry, biology and biotechnology research and development facilities; a biological clinical supply manufacturing facility; warehouse space; and corporate offices. A full-service café, substantial fitness center and multiple conference spaces are available for tenants’ use.
Bristol-Myers Squibb and JLL have been exploring a variety of approaches including leasing large portions of the complex to like-kind users while simultaneously pursuing a sale to a single investor.
Additional space for lease includes 500,000 square feet of research and development space, a portion of which contains two recently renovated state-of-the-art biology R&D modules.
The property also has a 106,000-square-foot global data center and 330,000 square feet of office space for lease. The campus is supported by a central utility complex, including an N-4 waste water treatment plant that can facilitate future development. The site is expandable by 1.8 million square feet, with local zoning recently changed to allow for the production and assembly uses related to the fields of medicine, pharmacology and biologics.
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,000 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from four full-service offices in Parsippany, Iselin (Metropark), Princeton, and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey.
About PTC Therapeutics Inc.
PTC is a science-led, global biopharmaceutical company focused on the discovery, development and commercialization of clinically-differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to globally commercialize products is the foundation that drives investment in a robust pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. To learn more about PTC, please visit us on www.ptcbio.com and follow us on Facebook, on Twitter at @PTCBio, and on LinkedIn.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
