{"id":1004517268,"date":"2021-03-22T04:03:12","date_gmt":"2021-03-22T12:03:12","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004517268"},"modified":"2021-05-15T10:18:18","modified_gmt":"2021-05-15T18:18:18","slug":"new-jersey-market-update-life-sciences-keep-transaction-activity-afloat","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-jersey-market-update-life-sciences-keep-transaction-activity-afloat\/","title":{"rendered":"New Jersey Market Update: Life Sciences Keep Transaction Activity Afloat"},"content":{"rendered":"

\"Standard<\/a>Office transactions in New Jersey amounted to $46.6 million in February, marking a 40.3 percent drop in investment volume year-over-year, albeit on a limited sample size.<\/p>\n

The sale of 170 Park Ave., a 147,000-square-foot purpose-built life science facility at $316.50 per square foot, dominated transaction activity within the market during last month, pushing the average price for the first two months of 2021 to an average of $197 per square foot.<\/p>\n

In January 2021, six properties changed hands within the New Jersey market, adding up to nearly 1.1 million square feet and $33 million in transactions, compared to 2.6 million square feet and a total investment volume of $24 million in the same period last year. The average sale price per square foot clocked in at $177.2 for January\u2014a 6.1 percent drop year-over-year\u2014with two-thirds of the assets located in Northern New Jersey and the rest situated within the Central submarket.<\/p>\n

On February 24, JLL Income Property Trust completed the only significant deal in New Jersey<\/a>, as it picked up the Florham Park, N.J., asset for $46.6 million. Lone Star Funds was the seller in the transaction. Dating back to the 1980s, the property\u2019s recent revamp transformed the asset into a life science facility for biotechnology company Celularity Inc., which operates its headquarters at the location since 2019.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>. We included properties of 25,000+ square feet in our research.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Office investment activity dropped sharply in February, with only a single significant sale recorded, according to CommercialEdge.<\/p>\n","protected":false},"author":739,"featured_media":1004528828,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[51047,50674],"class_list":["post-1004517268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nNew Jersey Market Update: Life Sciences Keep Transaction Activity Afloat - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-jersey-market-update-life-sciences-keep-transaction-activity-afloat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Jersey Market Update: Life Sciences Keep Transaction Activity Afloat\" \/>\n<meta property=\"og:description\" content=\"Office investment activity dropped sharply in February, with only a single significant sale recorded, according to CommercialEdge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-jersey-market-update-life-sciences-keep-transaction-activity-afloat\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-22T12:03:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:18:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update-800x620-23.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-market-update-life-sciences-keep-transaction-activity-afloat\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-market-update-life-sciences-keep-transaction-activity-afloat\/\",\"name\":\"New Jersey Market Update: Life Sciences Keep Transaction Activity Afloat - 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