Celularity HQ property sold for $46.6M, CBRE says

The 147,000-square-foot building in Florham Park that serves as Celularity Inc.’s corporate headquarters and manufacturing facility has been sold for $46.6 million, according to real estate firm CBRE.

The 147,215-square-foot property at 170 Park Ave. had been vacant until a recent transformation into the life sciences facility that is now 100% leased to Celularity. The undisclosed institution owner sold the property to JLL Income Property Trust, a real estate investment trust advised by LaSalle Investment Management.

A CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale, working with CBRE’s Tom Sullivan, represented the seller and procured the buyer.

“The seller, Celularity and the entire design/construction team in partnership truly created one of the most advanced life sciences facilities in the country,” Dunne, a vice chairman, said in a prepared statement. “JLL Income Property Trust fully understood the uniqueness and high quality of this asset would be an excellent addition to its portfolio of geographically diverse, core assets.”