Bristol Myers Squibb Inks 118 KSF Lease in New Jersey
- Dec 17, 2020
Bristol Myers Squibb has signed a 118,110-square-foot long-term lease at 9 Roszel Road in Princeton, N. J. The global biopharmaceutical company will be the sole occupant of one of the two Class A buildings at the site, owned by Manulife Investment Management. JLL arranged the deal for the landlord, while Morford & Dodds Realty worked on behalf of the tenant.
Originally developed by SJP Properties and designed by Hillier Architects, the buildings came online in 1999. Comprising 303,756 square feet at 7 and 9 Roszel Road, the site is part of a 24-acre trophy office park, where it is currently the only property with available branding rights. According to CommercialEdge data, Manulife picked up the asset in 2012 for $88.5 million.
Located halfway between New York City and Philadelphia, the site is situated just off Route 1 and 2 miles away from Princeton University. NJ-Transit’s Princeton Junction Station is a mile to the east.
The three- and five-story structures feature floor plates ranging between 36,600 and 38,500 square feet. 7 Roszel Road includes an 8,000-square-foot fitness center and a full-service cafeteria. The owner had planned to upgrade 9 Roszel Road prior to closing the deal with Bristol Myers Squibb. The renovation project included the redesign of the lobby and cafeteria, restroom-upgrades, as well as parking lot resurfacing.
Managing Director David Stifelman, along with Senior Vice Presidents Jim Schroeder and Jason Benson made up the JLL team, while Robert Morford of Morford & Dodds Realty arranged the transaction for the other party. In a recent deal, Bristol Myers Squibb sold a 433-acre, 1.2 million-square-foot life sciences campus situated 9 miles west of the current lease location. The biopharma giant occupied the campus until 2018.