JLL Income Property Trust has purchased 170 Park Avenue, a 147,000-square-foot, purpose-built life sciences building in Florham Park, New Jersey for $47 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.
The lease term is for 15 years and provides for an average of 2.5 percent annual rent increases, said the company in a statement.
“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 Income Property Trust.
“In a post-COVID environment of eroding fundamentals for traditional multi-tenant office properties, these two healthcare-oriented sectors stand out for their lower vacancy rates, healthy net absorption and balanced new supply due to significant barriers to entry because of higher construction and tenant improvement costs. These factors also lead to higher tenant retention even during periods of weakness within traditional office market environments,” he added.
170 Park Avenue, the life sciences building in New Jersey, is located on more than 18 acres in The Green at Florham Park, a 270-acre master planned mixed-use office park, which includes tenants such as BASF’s North American Headquarters and the New York Jets headquarters and training facility.