Transwestern and Colliers International Facilitate Largest Office Lease of the Quarter
April 12, 2019
FLORHAM PARK, N.J. – Transwestern Commercial Services (TCS) and Colliers International today announce Celularity has signed a long-term lease for the entire 147,215-square-foot office building at 170 Park Ave. in Florham Park, New Jersey. The clinical-stage cell therapeutics company is relocating its headquarters in April with completion expected early next year. The TCS office leasing team of Principal James Postell, Managing Director Matt McDonough and Vice President Dan Ligorner represented the building owner and co-brokered the transaction with Colliers New Jersey Life Sciences Practice Leader and Executive Managing Director Charlie Hatfield and Vice President Ryan Healy, who represented Celularity.
The property is part of the two-building 170 – 180 Park Ave. office campus totaling 368,780 square feet. After substantial capital improvements, the campus has experienced tremendous leasing activity, with only 70,000 square feet of office space available for lease. The Celularity lease marks the largest new office lease in New Jersey for the first quarter of 2019.
“We’re incredibly proud of what we have accomplished at 170 – 180 Park Ave. in such a short period. It’s a testament to the hard work and dedication of our entire team,” said Postell. “Attracted in large part to the significant upgrades to infrastructure and amenities, Celularity seized the opportunity to become part of the innovative environment that’s emerged in Florham Park.”
Colliers’ Hatfield and Healy previously represented Celularity in 2017 to secure a short-term lease for the company’s initial headquarters in Warren, New Jersey. The new lease allows the company to consolidate its corporate offices, manufacturing and research and development under one roof.
“The chance to work with the Celularity team once again has been an honor,” said Hatfield. “Celularity is attacking some of the most complicated and devastating diseases in the world. To be able to find an ideal headquarters that allows the company to continue its mission of eradicating cancers is a personal privilege and a thrill for my team.”
John Haines, Chief Administration Officer at Celularity, added, “Being able to work through the various intricacies of a corporate consolidation of this caliber takes a sophisticated and knowledgeable real estate advisory firm. Charlie and his team at Colliers supported us on every level and were able to react to fluctuating market dynamics to the direct benefit of our business where timing is critical.”
170 – 180 Park Ave. is situated adjacent to The Green at Florham Park, a 268-acre, master-planned campus consisting of restaurants, the training facility for the New York Jets, BASF’s North American Headquarters, the AVE Florham Park flexible-stay residential community, an ARCHER Hotel, and Summit Medical Group’s latest and most advanced location for comprehensive health services. There are plans for additional office space and an active-adult residential community. The campus is in proximity to various parks and golf courses, and it is a nine-minute drive from downtown Morristown, where tenants can enjoy a large selection of popular restaurants, shops and entertainment options. Additionally, Florham Park provides convenient access to major highways, including Routes 24 and 10 and Interstates 287, 78, and 80.
“Celularity’s commitment to establish long-term roots in Florham Park underscores the strength of Morris County’s office market,” said Ligorner. “The substantial development we’re seeing reflects the market’s momentum and growing demand.”
The lease caps an active winter for the New Jersey office of Transwestern, which completed the sale of 300 Kimball in Parsippany and announced the hiring of Regional Partner Brian Banaszynski, Senior Vice President Robert Vicci, and Vice President Douglas Rowe.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
ABOUT COLLIERS INTERNATIONAL
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.