In New Jersey’s largest office lease transaction for the first quarter of 2019, Celularity will be taking the entire 170 Park Ave. in Florham Park as its new headquarters. The clinical-stage cell therapeutics company will start moving to the Lone Star Funds-owned asset in April, consolidating its corporate offices, manufacturing and research and development operations.
The 147,215-square-foot property is part of 170-180 Park Ave., a two-building, 368,780-square-foot office campus. The asset underwent capital improvements, which resulted in design changes and new service-based amenities that emphasize employee engagement. Following Celularity’s new lease, the campus has 70,000 square feet of vacant office space.
The property sits on 90 acres across The Green at Florham Park, a 268-acre, master-planned complex encompassing restaurants, New York Jets’ training facility, BASF’s North American Headquarters, the AVE Florham Park community, an ARCHER Hote and Summit Medical Group’s latest and most advanced location. Nearby amenities include parks and golf courses, retailers and entertainment options, all located within a roughly 10-minute drive. Major thoroughfares such as routes 24 and 10, as well as interstates 287, 78 and 80, provide easy access throughout the entire area.
“Attracted in large part to the significant upgrades to infrastructure and amenities, Celularity seized the opportunity to become part of the innovative environment that’s emerged in Florham Park,” said Transwestern Commercial Services Principal James Postell, in a prepared statement.
Postell, Managing Director Matt McDonough and Vice President Dan Ligorner acted on behalf of the landlord in the lease transaction. Colliers New Jersey Life Sciences Practice Leader & Executive Managing Director Charlie Hatfield and Vice President Ryan Healy represented the tenant. Earlier this month, Colliers arranged another major office lease in Manhattan.