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Rendering of Princeton West innovation Campus’ future expansion. Image courtesy of JLL
Lincoln Equities Group and H.I.G. Realty have announced plans for a 380,000-square-foot expansion at the Princeton West Innovation Campus in Hopewell, N.J. The expansion will include the addition of three manufacturing facilities for advanced uses, such as biotech, biopharmaceutical, medical device, nutritional and other innovative technology uses.
The current owners of the property acquired the campus from Bristol-Myers Squibb for $32.5 million in 2020, continuing to develop the site with a $72.8 million financing provided by EquiTrust Life Insurance Co., according to CommercialEdge data.
Between New York City and Philly
Located within New Jersey’s Trenton submarket, Princeton West Innovation Campus is a 1.2 million-square-foot life science complex featuring 33 building. The asset includes nine building with manufacturing space, biological research labs and offices, along with onsite amenities and research and development facilities. The 433-acre master-planned community is situated between Philadelphia and New York City and is less than 5 miles from Interstate 95, 7 miles from Princeton, N.J., and 12 miles from Trenton, N.J., providing easy access to Newark, N.J., and Jersey City.
India-based biotech company Enzene Biosciences recently signed a 56,000-square-foot lease for space at the property’s Building 21. The tenant plans on using the space for a new biopharmaceutical manufacturing plant, which will serve the North American region. The $50 million facility is Enzene’s first in the U.S. and is expected to open in June 2024, according to PharmTech.com.
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JLL’s Vice Chairman Dan Loughlin, Executive Managing Director Jim Medenbach, Managing Director Bob Ryan and Senior Managing Director John Buckley negotiated the Enzene lease on behalf of the landlord and were the exclusive leasing agents in charge of the R&D campus. Princeton West Innovation Campus has more than 250,000 square feet of office space available for lease. The landlord can also extend two existing buildings with up to 106,000 square feet of lab space, JLL’s Loughlin added, in prepared remarks. Current companies that have leases at the property include Passage Bio, PTC Therapeutics, Princeton University and others.
Multiple life science developments are moving forward in the area. Earlier this week, Iron Stone Real Estate completed the renovation of 180,000 square feet of space at Race Street Labs, a life science facility in Philadelphia. Now the property features 13 floors of customizable built-in lab and office space.
In May, SJP Properties and the New Brunswick Development Corp. started construction on H-2’s second phase of construction in New Brunswick, N.J. The $731 million project‘s new development phase will include 600,000 square feet of lab and office space.
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