Press Release brought to you by Prism Capital Partners
Biomet Completes Headquarters Move-In at Prism's 399 Jefferson Road in Parsippany
PARSIPPANY, N.J. - Prism Capital Partners' 399 Jefferson Road in Parsippany is now officially 100 percent occupied with the completed headquarters relocation of Biomet Spine & Bone Healing Technologies. The recently completed move-in caps a three-phase project that began when the medical device and implant manufacturer signed a lease for 102,000 square feet a year ago.
"This was a highly technical build-out with a compressed timeframe, and it included a 28,000-square-foot addition to the building," said Eugene Diaz, principal and partner of the Bloomfield, N.J.-based Prism. "We began work and completed the first phase without even having a signed lease."
That jumpstart was necessitated because Biomet required the space immediately for the company's R&D and manufacturing component, which had to move because their previous location had been sold. The 25,000-square-foot phase encompasses labs where specialty medical implant products for spinal injuries are manufactured and tested.
The second phase consisting of 50,000 square feet of office space was subsequently completed and occupied in May. Simultaneously, construction was begun on the 28,000-square-foot addition to 399 Jefferson Road, with that third phase recently completed and occupied, housing executive space, a medical-related conference center and meeting rooms for sales presentations to the medical community. The addition boosts the building to a total of 208,000 square feet.
"Altogether, 56,000 square feet was approved by the township for a two-story expansion," said Diaz. "During construction, the 28,000-square-foot, one-story addition was simultaneously prepped to accept a second story for Biomet's future expansion."
Other features of Biomet's headquarters include operating rooms where products are tested. The installation also includes a high-efficiency HVAC/chiller system constructed to LEED standards.
"The space looks phenomenal," said Diaz. "Occupancy of the building is now complete, with Biomet joining Pinnacle Foods on-site, whose space won Inc. magazine's ‘coolest office space of the year' for 2012."
Prism initially acquired 399 Jefferson Road in 2003 as its first investment, subsequently sold it to a user and re-acquired it vacant in 2010. Pinnacle Foods leased space for its headquarters in 2011 and subsequently expanded its occupancy to a total of 104,000 square feet.
11/18/2013 - 14:11