CBRE is pleased to announce that Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE’s Institutional Properties group, in partnership with CBRE’s Tom Sullivan, represented an institutional seller in the $46.6 million sale of 170 Park Avenuein Florham Park, New Jersey.
170 Parkis 100% leased on a long-term basis to Celularity, Inc. and serves astheir corporate headquarters, lab, and manufacturing facility. The CBRE team was also responsible for procuring the buyer, JLL Income Property Trust, aninstitutionally managed daily NAV REIT advised by LaSalle Investment Management with a portfolio valued at more than $3.3 billion.
Formerly a vacant 147,215± square foot office building, 170 Park recently underwent a massive transformation to a world-class life sciences facility. The propertyhouses some of the most advanced laboratory and manufacturing space for cellular medicine and biomaterials in the country. The Design-Build Institute of America recently awarded 170 Parka National Award of Merit in the Industrial, Process and/or Research Facilities category.
CBRE Vice Chairman Mr. Dunne commented, “The seller, Celularity, and the entire design/construction team in partnership truly created one of the most advanced life sciencesfacilities in the country. JLL Income Property Trust fully understood the uniqueness and high-quality of the asset would be an excellent addition to its portfolio of geographically diverse, core assets.”
“The buyer pool for life sciences is very deep and this asset was no exception. Given LaSalle’s ownership of another building nearby, this was a natural acquisition target for them,” added Mr. Neuer, Executive Vice President, CBRE.
The sale of 170 Park Avenue comes on the heels of CBRE’s sale of neighboring Park Avenue at Morris County, locatedat 100-600 Campus Drive. The CBRE team closed on the 1.2 million square foot office park in January 2020 for $311million— the largest suburban, multi-tenant office sale since 2008 in New Jersey.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
