A subsidiary of specialty chemicals company Croda International is relocating its U.S. headquarters to a corporate campus in Plainsboro, according to commercial real estate services firm Colliers International.
Colliers said the lease was secured within the 125-acre Princeton Forrestal Innovation Park located at 777 Scudders Mill Road. The new tenant will relocate to 70,000 square feet of office space at one of the property’s three, five-story, 220,000-square-foot Class A buildings.
The Colliers team of Charlie Hatfield, executive managing director and New Jersey life sciences practice leader, and Brett Incollingo, associate director; along with Tom Romano, managing director at JLL; represented the landlord, Trawler Capital Management, in the deal. Jeff Garibaldi and Jackie Madden of The Garibaldi Group represented Croda.
The same team previously completed a lease for Genmab at the property. Combined, the Croda and Genmab leases total approximately 160,000 square feet and account for 110,000 square feet of positive net absorption, Colliers said.
“Croda Inc.’s relocation of its U.S. headquarters comes on the heels of a similar transaction for Genmab, a clear indication that Princeton Forrestal Innovation Park is attractive to these types of tenants,” Hatfield said. “In each case, these companies conducted an exhaustive search and vetted the buildings and complex with their architects and engineers to affirm that the complex was built to a standard that far exceeds that of other Class A buildings in the market. The construction of new amenities, a pastoral setting within Princeton University’s Forrestal Campus and an ideal location set this campus apart. The building’s ownership group is comprised of sophisticated and transaction-oriented professionals who understand how to offer value to multinational tenants by making improvements designed to help them attract and retain a strong employee base.”
The property, located in the Princeton/Route 1 submarket, offers amenities such as a bike shop, bike and pedestrian paths, outdoor amphitheater, outdoor terrace, golf simulators, media lab, electric car chargers, conference and meeting facilities, wellness rooms, gaming areas, a cafeteria, and more.
“The Croda signing is another great success for the park which could not have been possible without the cooperation of the Croda and Garibaldi teams. We look forward to working with Croda to bring its headquarters plans to fruition and to a long and successful relationship,” Brendan Driscoll, director of Trawler Capital Management, said.