PARSIPPANY, NJ-Prism Capital Partners' intense on-again, off-again relationship with 399 Jefferson Road over the past ten years has reached a milestone of success: The building is now reconfigured, expanded and 100% leased as the headquarters for two companies.
Prism initially acquired 399 Jefferson Road in 2003 as its first investment. The building was later sold it to a user, but then re-acquired – vacant - in 2010. Pinnacle Foods leased space for its headquarters at the facility in 2011 and later expanded its occupancy to a total of 104,000 square feet.
Now, Biomet Spine & Bone Healing Technologies has moved into a built-out and expanded headquarters space at the building. Biomet's move caps a three-phase project that began when the medical device and implant manufacturer signed a lease for 102,000 square feet a year ago.
“This was a highly technical build-out with a compressed timeframe, and it included a 28,000-square-foot addition to the building,” said Eugene Diaz, a principal of Bloomfield, based Prism. “We began work and completed the first phase without even having a signed lease.”
The quick start was necessary because Biomet urgently needed space for its R&D and manufacturing operation at the time, since its previous home had been sold. The first 25,000-square-foot phase included labs where the implant products for spinal injuries are manufactured and tested.
The second phase - 50,000 square feet of office space - was completed and occupied last May.
At that point, construction began on the 28,000-square-foot addition to 399 Jefferson to house executive space, a conference center and meeting rooms for sales presentations to the medical community. The recently completed addition created a building with a total of 208,000 square feet.
“Altogether, 56,000 square feet was approved by the township for a two-story expansion,” said Diaz. “During construction, the 28,000-square-foot, one-story addition was simultaneously prepped to accept a second story for Biomet's future expansion.”
Biomet's headquarters also includes operating rooms and a high-efficiency HVAC/chiller system constructed to LEED standards.
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.
