CBRE announced that Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE’s Institutional Properties group, in partnership with CBRE’s Tom Sullivan, represented an institutional seller in the $46.6 million sale of 170 Park Avenue in Florham Park, New Jersey.
170 Park is fully leased on a long-term basis to Celularity, Inc. and serves as their corporate headquarters, lab, and manufacturing facility.
The CBRE team was also responsible for procuring the buyer, JLL Income Property Trust, an institutionally managed daily NAV REIT advised by LaSalle Investment Management with a portfolio valued at more than $3.3 billion.
Formerly a vacant 147,215 s/f office building, 170 Park recently underwent a massive transformation to a life sciences facility. The property houses some of the most advanced laboratory and manufacturing space for cellular medicine and biomaterials in the country. The Design-Build Institute of America recently awarded 170 Park a National Award of Merit in the Industrial, Process and/or Research Facilities category.
CBRE Vice Chairman Dunne commented, “The seller, Celularity, and the entire design/construction team in partnership truly created one of the most advanced life sciences facilities in the country. JLL Income Property Trust fully understood the uniqueness and high-quality of the asset would be an excellent addition to its portfolio of geographically diverse, core assets.”
“The buyer pool for life sciences is very deep and this asset was no exception. Given LaSalle’s ownership of another building nearby, this was a natural acquisition target for them,” added Neuer, Executive Vice President, CBRE.
The sale of 170 Park Avenue comes on the heels of CBRE’s sale of neighboring Park Avenue at Morris County, located at 100-600 Campus Drive. The CBRE team closed on the 1.2 million square foot office park in January 2020 for $311million — the largest suburban, multi-tenant office sale since 2008 in New Jersey.