Rendering of Princeton West innovation Campus’ future growth. Picture courtesy of JLL
Lincoln Equities Group and H.I.G. Realty have introduced plans for a 380,000-square-foot growth on the Princeton West Innovation Campus in Hopewell, N.J. The growth will embody the addition of three manufacturing services for superior makes use of, akin to biotech, biopharmaceutical, medical system, dietary and different progressive expertise makes use of.
The present homeowners of the property acquired the campus from Bristol-Myers Squibb for $32.5 million in 2020, persevering with to develop the location with a $72.8 million financing supplied by EquiTrust Life Insurance coverage Co., in accordance with CommercialEdge information.
Between New York Metropolis and Philly
Positioned inside New Jersey’s Trenton submarket, Princeton West Innovation Campus is a 1.2 million-square-foot life science complicated that includes 33 constructing. The asset contains 9 constructing with manufacturing area, organic analysis labs and places of work, together with onsite facilities and analysis and growth services. The 433-acre master-planned neighborhood is located between Philadelphia and New York Metropolis and is lower than 5 miles from Interstate 95, 7 miles from Princeton, N.J., and 12 miles from Trenton, N.J., offering quick access to Newark, N.J., and Jersey Metropolis.
India-based biotech firm Enzene Biosciences just lately signed a 56,000-square-foot lease for area on the property’s Constructing 21. The tenant plans on utilizing the area for a brand new biopharmaceutical manufacturing plant, which is able to serve the North American area. The $50 million facility is Enzene’s first within the U.S. and is anticipated to open in June 2024, in accordance with PharmTech.com.
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JLL’s Vice Chairman Dan Loughlin, Government Managing Director Jim Medenbach, Managing Director Bob Ryan and Senior Managing Director John Buckley negotiated the Enzene lease on behalf of the owner and have been the unique leasing brokers in control of the R&D campus. Princeton West Innovation Campus has greater than 250,000 sq. ft of workplace area obtainable for lease. The owner also can prolong two present buildings with as much as 106,000 sq. ft of lab area, JLL’s Loughlin added, in ready remarks. Present corporations which have leases on the property embody Passage Bio, PTC Therapeutics, Princeton College and others.
A number of life science developments are transferring ahead within the space. Earlier this week, Iron Stone Actual Property accomplished the renovation of 180,000 sq. ft of area at Race Avenue Labs, a life science facility in Philadelphia. Now the property options 13 flooring of customizable built-in lab and workplace area.
In Could, SJP Properties and the New Brunswick Growth Corp. began development on H-2’s second section of development in New Brunswick, N.J. The $731 million challenge‘s new growth section will embody 600,000 sq. ft of lab and workplace area.
