8B — August 14 - 27, 2020 — Central New Jersey — M id A tlantic Real Estate Journal
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New Jersey’s Technology & Life Sciences Story The state of innovation: PrincetonWest Innovation Campus purchase is the start of a new chapter T
cash, and the Angel Investor Tax Credit Program, which offers investors refundable tax credits against qualified investments for New Jersey businesses. Early-stage compa- nies that have been impacted by the COVID-19 pandemic can also benefit from the NJ En- trepreneur Support Program, which provides 80 percent loan guarantees for working capital loans to startup entrepreneurs. “New Jersey is a global in- novation hub for life science companies with a long history of leading the way in research and innovation,” said Choose New Jersey president and CEO Jose Lozano . “With our stra- tegic location, highly skilled workforce and world-class research universities, New Jer- sey is a great place for cutting- edge life science companies to do business. The Princeton West Innovation Campus is an incredible opportunity that will make it even easier for companies to take advantage of all the benefits our state has to offer.” Businesses are already jump- ing at the opportunity to lease space on the Princeton West Innovation Campus. South Plainfield-based PTC Thera- peutics has already announced plans to lease 210,000 s/f of space including a state-of-the- art biologics production facility to support research and opera- tions on the Campus. A true New Jersey success story, PTC Therapeutics, which started at Rutgers University Robert Wood Johnson Medical School, has, with support from the NJEDA, grown into a global enterprise with more than 850 employees. The company uses multiple scientific technolo- gies including gene therapy to develop groundbreaking treat- ments for patients living with rare diseases. “New Jersey is the place to be if you want to grow a successful life science or technology com- pany. Between the extensive innovation ecosystem, talented workforce, and supportive State programs, we had all we needed to grow,” said PTC Therapeutics founder and CEO Stuart Peltz, PhD , who sits on BioNJ’s Board. “Moving into the Princeton West Inno- vation Campus is a great step for us, and we look forward to sharing the space with many other companies driving New Jersey’s emergence as a new hub of innovation.” MAREJ
RENTON, NJ —While New Jersey’s official nickname may be “The Garden State,” it is quickly gaining international atten- tion as the State of Innovation. Between the state’s location at the heart of the Northeast Corridor, its highly educated and diverse workforce, and a variety of unique programs offered by the New Jersey Economic Development Authority (NJEDA) that help entrepreneurs launch and grow successful businesses, the Gar- den State is quickly becoming a technology and life sciences hub. The latest chapter in New Jersey’s innovation story be- gan recently when commercial real estate firms H.I.G. Re- alty Partners (H.I.G.) and Lincoln Equities Group (LEG) came together to pur- chase the 1.2 million s/f Princ- eton West Innovation Campus in Hopewell. The acquisition of the former Bristol Myers Squibb (BMS) property will make roughly 450,000 s/f of lab and support space available to New Jersey life sciences com- panies immediately, and the development team has zoning and approvals in place for an additional 1.5 million s/f. This will pave the way for estab- lished companies to relocate or expand to New Jersey and startups to launch and grow in the state. BMS first acquired the site in 1997. “Providing innovative New Jersey companies with easy access to space that suits their needs at all stages of growth is critical to fostering a robust and equitable innovation ecosystem in the state,” said NJEDA chief executive officer TimSullivan . “Transforming the Princeton West Innovation Campus into a multi-tenant environment is a creative step forward that will make New Jersey an even more attractive location for in- novation economy companies to launch and grow.” In recent years, New Jersey has seen a significant increase in the number of multi-tenancy parks that can accommodate growing life sciences compa- nies, including the Center of Excellence in Bridgewater and ON3 in Nutley. These parks join the NJEDA’s already- established New Jersey Biosci- ence Center, which offers lab space to businesses in need of incubation, intermediate “step-out” lab space to post-in-
Princeton West Innovation Campus in Hopewell
cubation companies and larger properties to internationally- recognized pharmaceutical companies. While these parks are a valu- able resource for life science companies, recent growth in New Jersey’s life sciences sec- tor has absorbed nearly all of the available space. H.I.G. and LEG’s purchase of the Princ- eton West Innovation Campus will add the facility to this growing list of multi-tenancy parks, providing much needed space for continued growth, both from within the state and from relocations from other markets. The 433-acre Campus is made up of nine principal buildings consisting of state-of- the-art clinical manufacturing, class A biological laboratories and office space, freestanding research and development (R&D) support space, and a global data and command cen- ter. The property also offers di- visible built-to-suit spaces. This project is part of H.I.G.’s recent efforts to expand operations in New Jersey, which also include principal Jorge Ramirez sit- ting on the Bioscience Center Advisory Board. H.I.G.’s life- science investment affiliate H.I.G. BioHealth Partners also entered into a $17.5 million product financing agreement with NJEDA-supported Ne- vakar late last year to bolster the specialty pharmaceutical’s continued development of in- jectable products. “The Princeton West In- novation Campus presents an opportunity to capitalize on the growing demand for
pharmaceutical-grade lab space both locally in New Jersey and around the country,” said Ira Weidhorn , co-head of H.I.G. Realty Partners. “Given New Jersey’s vibrant innovation ecosystem and the State’s sup- port for technology and life sci- ences companies, we expect the Campus to quickly emerge as a hotbed of innovation.” LEG and H.I.G. expect the campus to appeal to a wide range of tenants, including pre-revenue biotechnology com- panies that are in the process of developing novel therapeutics, as well as later-stage compa- nies that require more lab and office space. Lab spaces rang- ing from 5,000 to 200,000 s/f will accommodate companies at every stage of growth, with critical infrastructure already in-place, including a central utility complex and wastewa- ter treatment facility, both built and maintained to BMS’s standards. Additional ameni- ties include conference rooms, meeting halls, fitness center, cafeteria, paved walking paths, and water features through- out the 433 acre campus. The Campus is “plug-and play,” making it operational on day one of a new lease, so tenant companies can begin operations quickly and easily expand into additional space as they grow. “As we begin to recover from the COVID-19 pandemic, we anticipate pharmaceutical and life sciences manufacturers to consider ‘reshoring’ and ex- panding operations in the U.S.,” said Joel Bergstein , president of LEG. “The Princeton West
Innovation Campus is a prime location for both established and emerging companies to relocate existing operations and expand in years to come.” In addition to the many bene- fits the Princeton West Innova- tion Campus offers, companies that locate there will also be able to take advantage of New Jersey’s existing innovation ecosystem and State programs that support growing technolo- gy and life science companies. A recent study by the Biotechnol- ogy Innovation Organization (BIO) and TEConomy Partners recognized New Jersey as a member of the “top tier of states in the innovation activities of inventors” with more than 7,300 patents awarded to New Jersey innovators between 2016 and 2019. “Industry leaders and entre- preneurs around the country recognize New Jersey as a top location for growing life science companies,” said Deb- bie Hart , president and CEO of BioNJ . “Repurposing the Princeton West Innovation Campus to serve a diverse range of innovative companies from startups to established success stories is an important opportunity to further cement New Jersey’s place as the State of Innovation.” Locating at the Princeton West Innovation Campus will also give companies the chance to benefit from New Jersey’s robust suite of State programs. These include the Net Oper- ating Loss (NOL) Program, which allows businesses to sell their net operating losses for
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