New York & Tri-State + New Jersey + Healthcare | February 26, 2021

JLL IPT Expands Life Sciences Holdings with NJ Property

JLL Income Property Trust has acquired 170 Park Ave., a 147,000-square-foot, purpose-built life sciences building in Florham Park, NJ, for $46.6 million. The property is net-leased on a long-term basis as premier laboratory space and the corporate headquarters for Celularity Inc., a clinical-stage biotechnology company.

“Within the office sector our priority investments are healthcare oriented, focusing on medical office and life science properties,” said Allan Swaringen, president and CEO of JLL IPT.

He added, “While we are excited about expanding our healthcare allocation, we were also attracted to acquiring 170 Park Ave. significantly below replacement cost and with tenant and prior owner-funded improvements to the building in excess of $80 million.”

Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE’s Institutional Properties group, in partnership with CBRE’s Tom Sullivan, represented an institutional seller in the sale and also obtained the buyer.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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