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Deals & Dealmakers

JLL tapped to sell Bristol-Myers’ research and development campus in New Jersey

JLL has been retained by Bristol-Myers Squibb Co. to manage the sale of the company’s 1.14 million-square-foot research and development campus at 311 Pennington Rocky Hill Road in Hopewell Township, N.J.

The 433-acre campus features 33 buildings, including chemistry, biology and biotechnology research and development facilities; a biological clinical supply manufacturing facility; warehouse space; an automated sample repository; and corporate offices.

A working farm is located on approximately 190 acres of the site.

The campus includes 500,000 s/f of R&D space, a portion of which contains two recently renovated state-of-the-art modules.

The first is a 60,000 s/f biology research lab with environmental rooms and tissue culture areas. The second contains a 58,000 s/f clinical-scale, biologic Good Manufacturing Practices (GMP) building that produces medicines to support clinical trials.

The campus has a 106,000 s/f data center and 330,000 s/f of office space, and is supported by a central utility and waste water treatment facilities that can facilitate future development of several hundred thousand square feet on the site.

“We look forward to working together with JLL to seek a positive transition of ownership for the community,” said Bruce Mayer, Bristol-Myers Squibb’s Director of Global Real Estate.

“JLL has a proven track record of successfully marketing and selling large, complex research and development campuses throughout New Jersey.”

Bristol-Myers Squibb and JLL are exploring a variety of approaches including leasing large portions of the complex to like-kind users while simultaneously pursuing a sale to a single investor.

The two firms will work with officials from Hopewell Township on the sale of the campus to ensure that the site remains an asset to the community.

Since 2012, JLL has sold Sanofi-Aventis US LLC’s 1.2 million-square-foot R&D campus in Bridgewater; Hoffmann La-Roche Inc.’s 2 million-square-foot North American headquarters and R&D complex in Nutley; and Merck & Co. Inc.’s 1.5 million-square-foot R&D campus in Summit and 1.0 million-square-foot complex in Union.

The JLL professionals handling the assignment will be led by Dan Loughlin, international director and broker lead for JLL in New Jersey, along with Thierry Delvaux, Joseph Garibaldi, Robert Bull and Jim Medenbach, John Buckley, Robert Ryan, and Jillian Caster.

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