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Shelbourne, Avison Young Tout 173K SF In Deals In New Jersey

February 1, 2022

A biotechnology firm has leased nearly 57,000 square feet in Piscataway, in one of three newly announced deals by Avison Young on behalf of Shelbourne Global.

In a news release, the brokerage team said Genscript will operate office, research and lab space inside 20 Kingsbridge Road, which is just off Interstate 287 and about a mile and a half from Route 18. Avison Young Principal William McCaffrey represented ownership in the 56,843-square-foot deal, one of three recent transactions in Shelbourne’s New Jersey portfolio.

The real estate services firm also represented ownership in leases by energy technology company Lummus Technology Inc. and full-service marketing company Acosta Inc. The tenants signed long-term office leases at 1515 Broad St. in Bloomfield for a total of 115,707 square feet.

“Although industrial has been a key driver of activity, there has also been a strong appetite from pharmaceutical manufacturing companies for premier lab, biotech and research space,” said Ariel Brenner, vice president of leasing at Shelbourne. “We’re also seeing encouraging signs of recovery in the office sector with this recent flurry of new leases and recommitments as companies strategize return-to-work efforts.

“Avison Young has been an incredible partner throughout the pandemic as evident by their continued success for our New Jersey commercial portfolio.”

Shelbourne’s portfolio in the two townships comprises 631,784 square feet, the news release said. Its portfolio in Piscataway, which totals 230,456 square feet, also includes 80 Kingsbridge Road and 140 and 275 Centennial Ave.

“Shelbourne has continued to lease their office portfolio while bucking the trend of owners in New Jersey repurposing their commercial assets as their Piscataway and Bloomfield properties continue to experience new interest, renewals and lease extensions even in midst of the pandemic,” McCaffrey said. “Piscataway in particular has been an appealing market for leading and midmarket pharmaceutical and biotech companies, with Shelbourne’s 140 Centennial Avenue positioned to accommodate a diverse range of high-tech uses.”

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