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Deals & Dealmakers

Cushman & Wakefield brokers 45,000 s/f NJ pharma deal

Experic, LLC has leased 45,500 s/f at 2 Clarke Drive in Cranbury, a Class A research and office facility, announced Cushman & Wakefield.

The location meets the clinical and marketed product manufacturing, research and development, packaging and distribution needs of the swiftly growing contract pharmaceutical supply services organization.

Cushman & Wakefield’s leasing specialists Todd Elfand and Jason Goldman, based in the commercial real estate services firm’s Iselin, N.J. office, represented Experic in negotiating the long-term lease.

“The biotech and pharmaceutical industry is resurging in New Jersey, with contract manufacturing and packaging activities expanding as a result, and our client’s business is growing exponentially with it,” noted Elfand.

“The Lab/R&D market in NJ has improved dramatically over the last few years as vacancy has declined from 21.1 percent at the close of 2016 to a mere 10.9 percent currently.

“As a result, asking rents over the last few years has climbed by 6.6 percent in that time and has risen each year since 2015. It has become more challenging to find large blocks of available, quality lab space.

“The lease at 2 Clarke Drive not only met Experic’s current size needs, but offers enough room to accommodate the company’s expansion.”

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