Fennelly Associates on Wednesday negotiated a lease for 4,093 square feet of office space for a German biotechnology firm in Princeton.
ITM Isotope Technologies Munich SE is a privately-owned biotechnology and radiopharmaceutical group of companies dedicated to the development, production and global supply of targeted diagnostic and therapeutic radiopharmaceuticals and radioisotopes for use in cancer treatment.
In need of space to establish a U.S. headquarters in Princeton, the company tapped Fennelly Associates’ extensive experience helping pharmaceutical and biotech companies find spaces that fit its needs in the Princeton market.
Fennelly’s Matt Fennelly, corporate real estate specialist, represented the tenant in the transaction with the American Equity Partners, which was represented by Newmark.
Located at 5 Vaughn Drive and situated in the midst of Princeton’s pharmaceutical and biotech business corridor, the property is a three-story, 98,500-square-foot office building with flexible floor plates. Recently renovated and brought up to Class A standards, the property is located just minutes from Princeton University and downtown Princeton with easy access to Route 1.
“When a global biotech company is looking to establish a U.S. headquarters, Princeton is often one of the most attractive destinations,” Fennelly said. “Princeton’s reputation as a hub for biotech and pharmaceutical companies as well as a research and development center is particularly attractive to companies like ITM Isotope Technologies Munich SE, and we’re proud to provide the real estate services needed to help them establish a new home within Princeton.”