Cushman & Wakefield Reps Growing Clinical Manufacturing Organization
CRANFORD, N.J., October 2, 2018 – Experic, LLC has leased 45,500 square feet at 2 Clarke Drive in Cranbury, a Class A research and office facility, announced Cushman & Wakefield. The location meets the clinical and marketed product manufacturing, research and development, packaging and distribution needs of the swiftly growing contract pharmaceutical supply services organization.
Cushman & Wakefield’s leasing specialists Todd Elfand and Jason Goldman, based in the commercial real estate services firm’s Iselin, N.J. office, represented Experic in negotiating the long-term lease. “The biotech and pharmaceutical industry is resurging in New Jersey, with contract manufacturing and packaging activities expanding as a result, and our client’s business is growing exponentially with it,” noted Elfand. “The Lab/R&D market in NJ has improved dramatically over the last few years as vacancy has declined from 21.1% at the close of 2016 to a mere 10.9% currently. As a result, asking rents over the last few years has climbed by 6.6% in that time and has risen each year since 2015. It has become more challenging to find large blocks of available, quality lab space. The lease at 2 Clarke Drive not only met Experic’s current size needs, but offers enough room to accommodate the company’s expansion.”
The location at The Cedar Brook Corporate Center, an office and life sciences campus located just off Exit 8a of the New Jersey Turnpike, offers high end lab/manufacturing space in a campus setting, loading capabilities, convenient access to top tier talent in and around the Princeton submarket, and close proximity to New York, PA and other key areas to attract as well as service the current and future client base. “It was a good fit, and the landlord, Cedar Brook, along with Experic Principals Eric Bergmann and Jeff Shane, worked diligently with our team to get the deal done,” said Goldman. “Experic is at the forefront of its industry and will continue to thrive and expand.”
Experic provides clinical trial materials solutions and specialty commercial product services to the pharmaceutical industry, with a specialized focus on the needs of small, midsized and specialty drug developers.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.