Nevakar / Advance Realty Press Release
June 5 2016
Advance Realty and CrossHarbor Capital Partners Ink Another Dynamic Tenant at the New Jersey Center of Excellence
With 26,500 SF Lease of Lab and Office Space, Bio-Pharma Start-Up Nevakar LLC Represents Latest Addition to Bridgewater Campus's Tenant Roster
Company Selects NJCOE for Campus's Move-in-Ready Lab and Office Infrastructure
BRIDGEWATER, N.J., (Feb. 1, 2016) – The partnership of Capital Partners LLC announced today that it has signed bio-pharmaceutical company Nevakar Advance Realty and CrossHarbor LLC ("Nevakar") to a 26,500-square-foot-lease at the New Jersey Center of Excellence ("NJCOE") in Bridgewater, New Jersey.
Nevakar, which develops specialty pharmaceuticals, was founded last fall by Dr. Navneet Puri, who sold his previous company — InnoPharma Inc. — to Pfizer in 2014. Looking to ramp up Nevakar quickly, Dr. Puri found an ideal solution at the NJCOE, which boasts a move-in-ready lab and office infrastructure. Nevakar's lease brings the 850,000-square-foot Bridgewater campus to more than 70 percent occupancy.
In selecting the NJCOE, Dr. Puri — a past winner of both the "Smart CEO" award and Ernst & Young's "Entrepreneur of the Year" award — has made a strong statement regarding his belief in the region's rich talent pool, and in the NJCOE as a global hub for the world's leading innovators in the life sciences. Since acquiring the campus from Sanofi, the partnership has successfully repositioned the site into New Jersey's premier research and development campus. Last fall, global nutrition therapy innovator Nestlé Health Science signed a lease for 180,000 square feet of research and development space at the property.
"We are seeing strong leasing momentum at the New Jersey Center of Excellence," said Peter J. Cocoziello, founder and CEO of Advance Realty. "It's become clear that the model we've developed represents an attractive package of state-of-the-art space and amenities for companies that are on the cutting edge of scientific and technological discovery." NJCOE boasts an in-place infrastructure that includes state-of-the-art lab facilities, redundant utilities and cutting-edge communications capabilities. These features ensure business continuity necessary for success in sectors that include electronics, bio-pharma, food and nutrition, cosmetics, and research and development.
Perhaps most noteworthy is the campus's proposed "town center," another feature that attracted both Nestlé Health Science and Nevakar. The planned development of onsite hotel, retail, multifamily and entertainment components will result in a dynamic "live-work-play" environment for employees, attracting top-quality talent to this unique community. There are currently several single- and multi-tenant spaces available for lease at the NJCOE. In addition, the property offers up to 400,000 square feet of build-to-suit capacity. Tenants benefit from the complex's premium amenity package, which includes a full-service cafeteria, a fitness center, conference facilities, back-up generators and 24/7 security.
Situated on 110 picturesque acres directly off Route 202/206, with more than a quarter-mile of frontage on Interstate 287, the property is centrally located within the heart of New Jersey's life sciences corridor. It offers convenient access to Interstates 78 and 287 as well as the Garden State Parkway, New Jersey Turnpike/I-95 and Routes 22 and 28. Advance Realty and CrossHarbor Capital Partners were represented by the JLL team of Daniel Loughlin, international director, Robert Ryan and Craig Eisenhardt, senior vice presidents, and Scott Stange, vice president. Peter M. Dodds, principal, and Livingston Johnson, senior vice president, of Morford & Dodds Realty represented Nevakar in the transaction.
About Advance Realty
Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance's strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.>
About CrossHarbor Capital Partners LLC
CrossHarbor Capital Partners LLC is a Boston-based alternative investment management firm that invests in value-add and opportunistic commercial real estate transactions. The firm seeks short and medium duration debt and equity investments that offer a compelling case for generating high absolute returns. CrossHarbor was founded in 1993 and has invested in more than $13 billion of commercial real estate on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, family offices and sovereign entities.