NUTLEY, NJ—JLL, the commercial brokerage firmhandling the sale of Roche's shuttered campus inNutley and Clifton, says it has already conducted approximately 30tours of the drug maker's sprawling 119-acre campus.

|

"We're finding a very positive level of interest," says JLLManaging Director Tom Stanton, who notes that thefirm will be soliciting proposals for the property by the end ofthe third quarter of this year.

|

The plan calls for leasing five buildings on the site, totalingapproximately 1.5 million square feet, that Roche has identified ashigh-value assets, Stanton said. Those include the 15-story glasshigh-rise that overlooks the campus on Route 3. Roche wants singletenants for each of those buildings, according to The Record.

|

Last week, JLL released its "New Jersey/New YorkCity/Westchester County Life Sciences Outlook," which chronicledthe trend of consolidation and downsizing by large pharmaceuticalcompanies in the region, such as Roche. Today's transaction volumeand demand for space within the region are being driven by"mid-tier companies and specialty players," includingpharmaceutical and biotech companies, the report states.

|

Landlords can repurpose the excess space now on the market toaccommodate fast growing life-sciences companies, saysDaniel Loughlin, managing director and broker leadfor JLL's New Jersey office. "We look at the next owner (of theRoche property) as being able to take advantage of that," JLL'sStanton adds. See story in The Record.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.