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SHREWSBURY, NJ-Osteotech Inc. has been a major tenant at the three-building 78,000-sf Shrewsbury Business Center for the past 21 years, and the biotech company will be there for at least the next five years after renewing its 43,750-sf occupancy for that period. Further terms of the lease renewal were not disclosed. The property is owned by the Purchase, NY-based National Realty & Development Corp.
"We're pleased to continue our relationship with Osteotech," says Brian Sekel, managing director of office and industrial properties, who teamed with Richard Kaufman, NRDC's general counsel, to complete the deal. "Their tenancy, I think, is a testament to the ongoing appeal of the property."
Osteotech, which has its executive offices located a few miles away at 51 James Way in Eatontown, uses its space here for a combination of laboratories and administrative offices. That space is actually in two separate buildings: The company occupies 30,000 sf, the entire building, at 1151 Shrewsbury Ave., and an additional 13,750 sf at the adjacent 1163 Shrewsbury Ave.
Osteotech is a leader in the processing of human bone and connective tissue for transplantation. The company has been widely considered to be an innovator in the development, manufacturing and marketing of biomaterial and device systems for musculoskeletal surgery.
NRDC's fully leased Shrewsbury Business Center, meanwhile, is located along Shrewsbury Avenue in this Monmouth County community. Besides Osteotech, the three-building property is the corporate headquarters for both Programmers Paradise Inc., a software reseller, and Angel Medical Systems Inc., a producer of cardiac monitoring systems.
Another five development and redevelopment projects are currently in the pipeline for NRDC over the next two years, Sekel reports, adding up to a total of 1.7 million sf. Two of those projects are in New Jersey, and both are in the retail category: the 385,000-sf CooperTowne Plaza in Somerdale; and the 240,000-sf Pohatcong Plaza II, located in Phillipsburg.
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