The partnership of Advance Realty and CrossHarbor Capital Partners announced that biotechnology company Clinical Genomics has signed a 16,201 s/f lease at the New Jersey Center of Excellence (NJCOE) in Bridgewater, New Jersey.
The lease is an expansion for Clinical Genomics, which has been a tenant at NJCOE since 2015.
The organization, which develops products for colorectal cancer diagnosis and monitoring, is one of many innovative life sciences companies that occupy the campus, which Advance and CrossHarbor acquired in 2014 when global pharmaceutical company Sanofi relocated its research and development arm to the Boston area.
Recognizing that Sanofi was leaving behind a state-of-the-art laboratory environment in the heart of an internationally recognized life sciences corridor, Advance saw an opportunity to create a holistic mixed-use community that would attract the world’s brightest minds and most innovative companies.
Advance’s master plan for NJCOE calls for 400 luxury residences as well as numerous amenities of urban life, such as restaurants, a wellness center, a grocer, entertainment, shops and outdoor recreation — all amidst the backdrop and rolling hills of Central New Jersey’s Somerset County.
Construction on the town center portion of the project is set to begin this winter.
Peter Cocoziello, founder and CEO of Advance Realty, commented: “Clinical Genomics’ decision to lease additional space at the New Jersey Center of Excellence is a tribute to both the success and growth of the company, as well as the world-class R&D environment we’ve created at the campus for bio and pharma companies.
“As we embark on our plan to create New Jersey’s most dynamic new town center, the fact that leading companies in the sector are leasing space and expanding their footprints at NJCOE validates our vision for bringing the best and brightest minds in life science innovation to Bridgewater, and creating a destination for the entire region.”
Since unveiling the master plan for NJCOE, Advance and CrossHarbor have attracted some of the world’s leading life sciences companies to the property, including global nutrition therapy innovator Nestlé Health Science, which recently signed a lease for 180,000 s/f of research and development space.
Clinical Genomics was represented in the transaction by Mary Franzwa Ryan of Franzwa Real Estate Advisors, LLC, while Advance was represented by Director of Asset Management Barry Quiner and a JLL team of Daniel Loughlin, Robert Ryan, Craig Eisenhardt and Scott Stange.
Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J.
CrossHarbor Capital Partners LLC is a Boston-based alternative investment management firm that invests in value-add and opportunistic commercial real estate transactions.