BioTech gives life to central NJ office market

TRD New York /
Feb.February 01, 2012 10:00 AM

After a brief recession-related hiccup, a highly coveted life science cluster is continuing to grow in central New Jersey, according to the New York Times.

While proximity to major research universities helped build the established biotechnology clusters in Boston and Durham, N.C., central Jersey’s access to major transportation and distribution systems — Route 1, the New Jersey Turnpike and Route 130 — have given birth to biotech in the Garden State. The industry is highly coveted by many municipalities, including New York City, for the stable, high-paying jobs it provides.

Johnson & Johnson, Merck, Bristol-Meyers Squibb and ImClone Systems already occupy some of the area’s 6.5 million square feet of lab space (about 5 percent of total office space) and 2.5 million square feet of research and development space. Excepting the six-building, 311,000-square-foot Technology Centre of New Jersey in New Brunswick, all of the development has been done privately.

Now much more development is underway.

For example, In East Windsor, developer Woodmont Properties is erecting SciPark, a planned four building complex of approximately a quarter-million square feet, where the first structure will open in March for chemical company Elementis P.L.C. Moreover, Princeton is conducting a $215 million redevelopment of a 770,000-square-foot building in its Princeton Forrestal Center. [NYT]

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

475 Park Avenue South (Credit: Google Maps)

Cohen Brothers Realty sues storied landlord to stay in Park Ave South building

Tracey Appelbaum (Photos by Emily Assiran)

At the desk of: Tracey Appelbaum

308 West 82nd Street and Real Capital Analytics founder Robert M. White Jr. (Credit: Google Maps)

Real Capital Analytics’ founder buys UWS building, leading last week’s I-sales

93 North 9th Street in Williamsburg, Thor Equities' Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

Acclaimed artist KAWS pays $17M to expand Williamsburg studio

181 Varick Street (Credit: Google Maps)

Claremont Companies buys Soho Marriott for $59M