Cushman & Wakefield Arranges Trade Of New Jersey R&d Campus

PARRC Location, Asset Quality Attract Biotech Adaptive Reuse Buyer. The commercial real estate services firm's Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., brokered the transaction, representing seller Prudential and procuring the buyer. End Quote

Newark, NJ (1888PressRelease) January 12, 2011 - SOMERSET, N.J., Jan. 11, 2011 - An entrepreneurial investment group has purchased 101 Mettlers Road, a four-building research and development campus in Somerset, announced Cushman & Wakefield, Inc.

Originally developed by Exxon Biomedical, 101 Mettlers Road includes 174,892 square feet of currently unoccupied space on nearly 24 acres. The property's new owner specializes in adaptive reuse, focusing on biotech.

"New Jersey is a hotbed for the pharmaceutical and biotech industries," noted Cushman & Wakefield's David Bernhaut, who headed the assignment with Metropolitan Area Capital Markets Group team members Gary Gabriel, Tom Walsh and Robert Donnelly, Jr.

"This value-add asset sits within the Princeton and Rutgers Research Corridor (PARRC) - one of the premier and most concentrated life sciences research and development markets in the United States," he added. "The opportunity to purchase this office and R&D facility, which features extensive laboratory finishes, was a real win for this buyer."

Although the property previously functioned as a single-tenant facility, 101 Mettlers Road's versatile layout divides for a number of multi-tenant scenarios. It is situated within The Greater New Brunswick Edison Innovation Zone, a "technology neighborhood" designated by the State of New Jersey that receives various financial incentives to spur growth in the areas of technology, life sciences and biotechnology.

"101 Mettlers Road offers a great combination of flexibility, incentive and affordability, and accessibility," Donnelly, Jr. said. "Beyond the Innovation Zone benefits, Franklin Township is considered to be among the most cost-efficient office submarkets in the state. Additionally, this building is located between exits 10 and 12 of I-287, within minutes to the New Jersey Turnpike, Garden State Parkway and other major thoroughfares - a great draw for tenants looking to recruit employees from all directions. 101 Mettlers Road is well positioned for its next iteration as a biotech campus."

Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $13.8 billion worth of transactions since 2000. Andrew Merin and Bernhaut, who co-founded and head the Metropolitan Area Capital Markets Group, also oversee eastern regional activities for a new Cushman & Wakefield group that advises clients on corporate property dispositions throughout the United States.

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