This biomedical/laboratory/office building located in Bergen County, NJ was 63% leased with expiring leases when put under agreement.
At acquisition, the primary tenant was preparing to vacate, given that the existing property was dated and did not meet their needs.
Our team’s strong relationship with the primary tenant’s parent company, coupled with our development expertise, allowed us to engage the tenant where the prior owner could not. Prior to closing, we worked with the tenant to understand their requirements, designed a redevelopment plan, and secured a 15 year lease for the entire property.
We completed a $50M redevelopment of this functionally obsolete property into a modern biomedical, testing laboratory, and corporate headquarters facility, while the tenant remained in occupancy.
After the property’s sale, we were retained by the new owner to continue managing the property.