(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
MONMOUTH JUNCTION, NJ–The 177-acre property that includes the former Pfizer/Wyeth research facility here has been sold, and now the 378-000-square-foot facility is available for sale or lease.
Colliers International New Jersey orchestrated the sale of the property at 865 Ridge Road in Monmouth Junction to Ridge Road Properties. The company is making plans to develop most of the acreage, John Cunningham, Colliers’ executive managing director, tells GlobeSt.com.
The Class A building has 128,000 square feet of laboratory space, a 60,000-square-foot vivarium, and 70,000 square feet of office space, Cunningham says.
“This property and others like it are very large, highly specialized single-tenant facilities that large pharmaceutical companies spent hundreds of millions of dollars building and maintaining – but with consolidation of that industry are now functionally obsolete for single users,” he says.
Cunningham says the facility, located along the Route 1 “research corridor,” near Princeton, will be marketed for multi-tenant use. “With the mechanical, architectural, and lab facilities there, you might have as many as 20 different companies operating comfortably,” he says.
Built in the 1950s and then expanded in the 1980s and again in the 1990s, the facility originally belonged to Wyeth Research, which was acquired by Pfizer, which designated it as surplus.
The Colliers team of Joseph Nitti and John Kainer represented the buyer of the property, and they will serve as the leasing agents.
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