170 Park Avenue

Florham Park, NJ

Acquired February 2021

At a Glance

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A 147,000-square-foot, world-class, purpose-built life sciences building in Florham Park, New Jersey.

Investment Rationale

  • World-class, purpose-built life sciences building net-leased as a premier laboratory space for a clinical-stage biotechnology company for 15 years with an average of 2.5% annual rent increases.

  • The property houses some of the most advanced laboratory and manufacturing space for cellular medicine and biomaterials in the country stemming from tenant and prior owner-funded building improvements in excess of $80 million.

  • Located 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 training and headquarters facility.

  • With over 3,200 life science companies, New Jersey is a major biopharmaceutical and drug development hub within the US totaling more than 17 million square feet of research, development and lab space.

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170 Park Avenue Map