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News release

New Jersey Center of Excellence at Bridgewater wins at 27th Annual NAIOP Gala

​JLL-led project awarded Creative Deal of the Year

 

Recently the New Jersey Chapter of NAIOP, the Commercial Real Estate Development Association, held its 27th Annual Gala at the Palace at Somerset Park, where it presented its Deal of the Year Awards. At this event the JLL-led project, The New Jersey Center of Excellence at Bridgewater, was awarded the Creative Deal of the Year.
 
This project was a successful rebranding and repurposing of a major owner-occupied pharmaceutical research campus in a 12-month period. The project utilized a focused leasing program and capital markets to create a value opportunity investment, redevelopment opportunity sale and high-end, multi-tenant research & development campus location.
 
The leasing program, a major component of the project, culminated in JLL’s negotiation of long-term leases with two tenants that, combined, would absorb 30 percent of the available space on the campus, and 40 percent of the primary research and development space. These leases, combined with the rebranding of the campus as The New Jersey Center of Excellence at Bridgewater, and the additional development opportunities afforded by the site, made the property highly attractive to investors, leading to a $45 million sale of the campus and reaffirmation of the area as an R&D, pharmaceutical and life sciences hub.
 
The following parties were involved in the deal: JLL, Advance Realty, Sanofi, JM Zell, Ashland Inc., CrossHarbor Capital Partners LLC, Amneal Pharmaceuticals LLC, Colliers International, Cresa NJ and Bridgewater Township.