Avison Young’s New Jersey office announced Monday that it arranged over 162,500 square feet in new office, industrial/flex and life sciences leases across private real estate holding company Shelbourne Global’s 631,784-square-foot commercial portfolio in Piscataway and Bloomfield.
“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,” Ariel Brenner, vice president of leasing at Shelbourne, stated. “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.”
Leading biotech company Genscript inked a new 56,843-square-foot lease at Shelbourne’s 20 Kingsbridge Road in Piscataway for new office, research and lab space, while energy technology company Lummus Technology Inc. and full-service marketing company Acosta Inc. signed long-term office leases at 1515 Broad St. in Bloomfield for 115,707 square feet in total. Avison Young’s New Jersey-based Principal William McCaffrey represented Shelbourne in all three transactions as the exclusive leasing agent.
“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,” said McCaffrey. “Piscataway in particular has been an appealing market for leading and midmarket pharmaceutical and biotech companies, with Shelbourne’s 140 Centennial Ave. positioned to accommodate a diverse range of high-tech uses.”
Shelbourne’s Piscataway portfolio comprises 230,456 square feet of industrial, office and lab space across 20 Kingsbridge Road, 80 Kingsbridge Road, 140 Centennial Ave. and 275 Centennial Ave. The firm also owns 1515 Broad St. in Bloomfield, a Class A office and flex property.