{"id":1004550168,"date":"2021-09-09T03:36:21","date_gmt":"2021-09-09T11:36:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004550168"},"modified":"2022-12-04T14:43:43","modified_gmt":"2022-12-04T22:43:43","slug":"keystone-inks-new-leases-at-nj-science-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/keystone-inks-new-leases-at-nj-science-campus\/","title":{"rendered":"Keystone Inks New Leases at NJ Science Campus"},"content":{"rendered":"
\"Middlesex<\/a>

Middlesex Science Center. Image courtesy of Keystone Property Group<\/p><\/div>\n

Keystone Property Group has signed three leases\u2014with Infinity BiologiX, LIXIL and Paychex\u2014at its four-building Middlesex Science Center at 30 Knightsbridge Road in Piscataway, N.J.<\/p>\n

With these 287,000 square feet of leases, the 685,000-square-foot property is now more than 92 percent occupied.<\/p>\n

\n

READ ALSO<\/strong>: Paramount Inks New Leases at Manhattan Trophy Tower<\/a><\/p>\n

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The campus provides features considered mission-critical by the life science industry, including high-capacity weight-bearing floors, floor-to-deck heights, robust chiller capacity, fresh air intakes, dual power supply served by an onsite substation, backup emergency power, covered loading docks, freight elevators and venting chases.<\/p>\n

The 44.5-acre property offers 40,000 square feet of amenities, including a 240-seat auditorium, 12- and 20-person conference rooms, a fitness center with locker rooms and showers, a cafeteria with to-go and private dining options and a game room. Other amenities include indoor and outdoor seating areas with Wi-Fi, several roof decks and two courtyards.<\/p>\n

Its location, at Exit 8 of I-287, is convenient to the New Jersey Turnpike, the Garden State Parkway, several hotels and the NJ Transit bus service. The property is also proximate to Rutgers University, a potential source of highly skilled employees and\/or continuing education for employees at the campus.<\/p>\n

Infinity BiologiX (IBX) is a leader in biobanking, bioprocessing and analytics, with more than 50 years of biomaterial expertise. The company began with a 30,000-square-foot temporary space and later expanded to a long-term, 200,000-square-foot lease, consolidating its growth at MSC.<\/p>\n

New tenant LIXIL is a Tokyo-headquartered manufacturer of building materials and related products, such as bathroom fixtures. Keystone stated the LIXIL was looking for a new headquarters that would both be effective for remote work and offer safe, comfortable office space with a full complement of amenities for collaboration. LIXIL\u2019s 60,000-square-foot lease began earlier this year.<\/p>\n

HR services provider Paychex renewed its lease for 30,000 square feet of space in part because its unique operational needs are served by the campus\u2019s infrastructure, according to Keystone.<\/p>\n

Healthy market<\/h2>\n

New Jersey\u2019s inventory of life science space totals 20.4 million square feet, with an estimated 1.2 million square feet of demand, versus only 147,000 square feet under construction, according to a mid-year report from CBRE. Average vacancy is 9.1 percent.<\/p>\n

The New Jersey market is one of only a handful nationally to see both an increase in preleasing and a sizable increase in demand since the second quarter of last year. The state also ranks high for rapidly rising rents; net lease rate pricing has jumped by 10 to 15 percent over the past 12 months, CBRE noted.<\/p>\n

Last March, PRP LLC paid nearly $340 million<\/a> for a reported 89 percent share in Keystone\u2019s SORA West mixed-use project in Conshohocken, Pa. From the development\u2019s inception in 2018, a 430,000-square-foot office tower there was slated to be the new headquarters for powerhouse drug wholesaler AmerisourceBergen.<\/p>\n","protected":false},"excerpt":{"rendered":"

The recent signings in this high-demand market bring occupancy at the property to 92 percent.<\/p>\n","protected":false},"author":882,"featured_media":1004550184,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32789,35464],"class_list":["post-1004550168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-keystone-property-group"],"acf":[],"yoast_head":"\nKeystone Inks New Leases at NJ Science Campus - 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\/keystone-inks-new-leases-at-nj-science-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keystone Inks New Leases at NJ Science Campus\" \/>\n<meta property=\"og:description\" content=\"The recent signings in this high-demand market bring occupancy at the property to 92 percent.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/keystone-inks-new-leases-at-nj-science-campus\/\" \/>\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=\"2021-09-09T11:36:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T22:43:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Middlesex-Science-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\/keystone-inks-new-leases-at-nj-science-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/keystone-inks-new-leases-at-nj-science-campus\/\",\"name\":\"Keystone Inks New Leases at NJ Science Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-inks-new-leases-at-nj-science-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-inks-new-leases-at-nj-science-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Middlesex-Science-Center.jpg\",\"datePublished\":\"2021-09-09T11:36:21+00:00\",\"dateModified\":\"2022-12-04T22:43:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-inks-new-leases-at-nj-science-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/keystone-inks-new-leases-at-nj-science-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keystone-inks-new-leases-at-nj-science-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Middlesex-Science-Center.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Middlesex-Science-Center.jpg\",\"width\":800,\"height\":600,\"caption\":\"Middlesex Science Center. 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