Nestlé Health Science to Occupy 180,000 Square Feet at the New Jersey Center of Excellence in Bridgewater, N.J.
The joint-venture partnership of Advance Realty and CrossHarbor Capital Partners, LLC, announced today that Nestlé Health Science has signed a long-term lease to occupy approximately 180,000 square feet at the New Jersey Center of Excellence in Bridgewater, N.J. Since acquiring the campus, the partnership has successfully repositioned the site into New Jersey’s premier research and development campus.
Nestlé Health Science, a health-science company engaged in the development of innovative nutritional therapies, will occupy a building that previously served as a research center within the former Sanofi U.S. Research and Development Campus.
“We are delighted that Nestlé Health Science will be expanding its presence in the state,” said New Jersey Lieutenant Governor Kim Guadagno. “Nearly 150 years of history has shown that there is not a better location in the world for groundbreaking research and discovery, and Nestlé Health Science is among a growing number of next-generation leaders that see this. In particular, we see the Center of Excellence in Bridgewater as a major draw for companies that require a combination of exceptional facilities, a central location and access to a highly educated, local workforce.”
Construction will commence in the fourth quarter of 2015, with move-in slated to begin July 2016.
“When we purchased the former Sanofi campus, we recognized that we were adding a property to our portfolio that, with the right mix of tenants, could spur innovation in the region,” said Peter J. Cocoziello, founder and CEO of Advance Realty. “We’re thrilled to welcome Nestlé Heath Science to the Center of Excellence and further New Jersey’s position as the country’s leading home to research and development operations.”
Advance Realty and CrossHarbor Capital Partners were represented by the JLL team of Daniel Loughlin, international director, Robert Ryan and Craig Eisenhardt, senior vice presidents, and Scott Stange, vice president. Advance Realty’s Kurt Padavano, chief operating officer, and Barry Quiner, director of asset management, assisted in the transaction.
An emerging regional hub for innovation and discovery, the New Jersey Center of Excellence boasts an in-place infrastructure that includes state-of-the-art lab facilities, redundant utilities and cutting-edge communications capabilities. These features ensure business continuity necessary for success in sectors such as electronics, bio-pharma, food and nutrition, cosmetics, and R&D.
“The New Jersey Center of Excellence, one of Bridgewater’s premier assets, was expressly designed to meet the needs of cutting-edge research and development companies in the Garden State,” Bridgewater Township Mayor Daniel J. Hayes, Jr., said. “The presence of Nestlé Health Science will bring to New Jersey additional highly skilled and educated workers that are integral to the region’s long-term success and economic resurgence.”
Perhaps most noteworthy is the campus’ proposed “Town Center.” The planned development of onsite hotel, retail, multifamily and entertainment components will result in a dynamic “live-work-play” environment for employees, attracting top-quality talent to the unique community.
“We had the opportunity to choose any location in the world as our future home,” said Anders Kaspersson, vice president and program manager for research and development, Nestlé Health Science. “The N.J. Center of Excellence in Bridgewater offers facilities and a talent pool that are on par with any of the other locations we considered. One of the deciding factors was Advance Realty’s vision to reposition the campus into a 21st-century, mixed-use ‘company town’ that includes a hotel, apartments, retail, restaurants and recreational venues in a beautiful setting. This concept will give us a tremendous advantage in attracting the best talent.”
There are several single- and multi-tenant spaces available for lease in the New Jersey Center of Excellence, which encompasses approximately 850,000 square feet. All spaces offer flexible configurations with a minimum division of 2,500 square feet. In addition to the space currently available, the New Jersey Center of Excellence offers up to 400,000 square feet of build-to-suit capacity. Tenants benefit from the complex’s premium amenity package, which includes a full-service cafeteria, a fitness center, conference facilities, back-up generators and 24/7 security.
Situated on 110 picturesque acres directly off Route 202/206, with more than a quarter-mile of frontage on Interstate 287, the property is centrally located within the heart of New Jersey’s life science corridor. It offers convenient access to Interstates 78 and 287 as well as the Garden State Parkway, New Jersey Turnpike/I-95 and Routes 22 and 28.
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.