SOMERSET, NJ-An entrepreneurial investment group has purchased 101 Mettlers Rd., a four-building research and development campus here. Cushman & Wakefield’s Metropolitan Area Capital Markets Group, based in East Rutherford, NJ, brokered the transaction, representing seller Prudential and procuring the buyer.
Originally developed by Exxon Biomedical, 101 Mettlers 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,” says Cushman & Wakefield’s David Bernhaut, who headed the assignment with Metropolitan Area Capital Markets Group members Gary Gabriel, Tom Walsh and Robert Donnelly Jr.
“This value-add asset sits within the Princeton and Rutgers Research Corridor--one of the premier and most concentrated life sciences research and development markets in the US,” he adds. “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, its layout divides for a number of multi-tenant scenarios. It is situated within the Greater New Brunswick Edison Innovation Zone, a state-designated technology neighborhood that receives various financial incentives to spur growth in the areas of technology, life sciences and biotechnology. “Beyond the Innovation Zone benefits, Franklin Township is considered to be among the most cost-efficient office submarkets in the state,” Donnelly Jr. tells GlobeSt.com.
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