LEG, H.I.G. Realty buy 1.2M sq. ft. Bristol-Myers Squibb campus in Central Jersey

By Emily Bader
Princeton | Jun 22, 2020 at 12:00 pm

Lincoln Equities Group, a real estate firm based in East Rutherford, and H.I.G. Realty Partners, jointly announced the acquisition of a 1.2 million-square-foot life sciences campus in Princeton.

The Class A, 433-acre Princeton West Innovation Campus, formerly owned by Bristol Myers Squibb, is zoned for commercial manufacturing and features 35 acres of space ready to develop and offers built-to-suit spaces and divisible footprints of all sizes.

“Given the current public health crisis, we anticipate pharmaceutical and life sciences manufacturers to consider ‘reshoring’ and expanding operations in the U.S.,” Joel Bergstein, president of LEG, said. “This spacious, modern BMS campus⁠ — located in the center of ‘Einstein’s Alley’ in central New Jersey ⁠— is a prime location for continued innovation and expansion.”

The campus has nine main buildings comprised of manufacturing, biological laboratories, office spaces, a freestanding R&D space, storage facilities and a global data and command center.

Onsite amenities include a central utility complex focused on wastewater management, generator-backed electricity, chilled water and steam; a cafeteria; an 8,000-square-foot fitness center; a 28,000-square-foot child development center; multiple conference areas; and a 9,000-square-foot mansion. The site is located within close access to downtown Princeton, interstates 95 and 295, and routes 1, 31 and 206.

LEG will manage the property through its Life Sciences division and JLL will market it to life science companies.

“Our Life Sciences division at LEG has grown to nearly 2 million square feet with the addition of the former BMS campus,” Lance Bergstein, acquisitions and development officer at LEG, said. “New Jersey has one of the most highly educated and skilled workforces in the U.S., including the highest concentration of scientists and engineers in the world. Our Life Sciences team expects to see an influx of investment across the state.”

Current tenants include PTC Therapeutics, which occupies more than 200,000 square feet, including a biologics production facility and R&D buildings.

“This campus presents an opportunity to capitalize on the growing demand for pharmaceutical-grade lab space both locally and nationally,” Ira Weidhorn, co-head of H.I.G. Realty Partners, said. “We look forward to building around the strong in-place anchor tenancy of PTC and leveraging H.I.G.’s real estate expertise and bio-health experience to enhance the execution of the value-add business plan.”

Emily Bader | ebader@roi-nj.com | @emilybader