ELMWOOD PARK, NJ-In a major long-term expansion, Bio-Reference Laboratories has taken the entire 180,000-square-foot building at 41 Slater Drive.
The clinical testing company has operated from 40,000 square feet for many years at the property, which is owned by Prism Capital Partners and The Davis Companies.
Bio-Reference is the largest independent regional lab in the tri-state region and one of the largest in the country. The firm provides testing, information and related services to physician offices, clinics, hospitals, employers and governmental agencies.
The company needed additional R&D and laboratory space, according to Edwin Cohen of Prism, which is based in Bloomfield. “Bio-Reference Laboratories is one of New Jersey's fastest-growing companies and the largest occupier of space in Elmwood Park – even without this expansion,” he said.
Christopher Olsen from Newmark Grubb Knight Frank served as broker for Bio-Reference in the transaction.
Prism and The Davis Companies acquired 41 Slater Drive, set on 11 acres at the intersection of I-80 and River Road, in 2012. Prism Property Services manages the property. The ownership are currently improving the building exterior, parking lots and landscaping.
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