EAST WINDSOR, NJ-Elementis Specialties has signed on to be the first tenant at East Windsor’s SciPark, taking the entire 65,552 sf at 469 Old Trenton Rd. say developers Woodmont Properties and Simon Developments. Elementis, a subsidiary of UK-based Elementis plc, will use the space for its global headquarters, relocating approximately 125 employees from Hightstown. Build-out will begin this month, with the firm expected to occupy the space in the first quarter of 2012.
“SciPark provided us with an opportunity to occupy a brand new, highly advanced building in a great location that we can build-out to meet our company’s specific research and design requirements,” says Greg McClatchy, president of Elementis Specialties.
Terms were not disclosed, but office rents in the area range from $14.50 to $27 per square foot, according to LoopNet. The building was available for sale as an office condominium for $205 per foot, according to a January 2010 listing.
Three additional buildings are planned for the SciPark campus, which is located off Route 1 and Exits 8 and 8A of the New Jersey Turnpike. Eventually, the development will consist of 240,000 sf of research and development facilities geared toward high-tech, biomedical and pharmaceutical companies. The complex is designed to meet LEED standards.
“We are now seeing the original vision for SciPark and Einstein’s Alley initiative come to life,” says Stephen Santola, executive VP and general counsel for Chatham, NJ-based Woodmont. Einstein’s Alley is a private, non-profit economic development initiative that aims to make Central New Jersey the destination for technology companies. Formed in 2003, the initiative’s services include indentifying capital resources for entrepreneurs, and advocacy on businesses, educational facilities and communities.
“High-tech firms continue to choose the Einstein’s Alley corridor because of the numerous advantages this location affords,” says East Windsor Mayor Janice Mironov. “The East Windsor area offers a prime location, convenient access to major transportation systems, well-suited sites and labor and resources to support high tech operations.”
Newmark Knight Frank, SciPark’s exclusive sales and leasing agent, represented Woodmont and Huntington, NY-based Simon. Tactix Real Estate Advisors represented Elementis.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
