Gale Sells 26-Acre Tract to Memorial Sloan-Kettering

"Frequently, Memorial Sloan-Kettering patients from this area have to travel into Manhattan for all treatment services," says James Harden, executive director of the institution's regional care network. "This site will enable them to receive much of their care without having to make that trip."

Memorial Sloan-Kettering was represented in the transaction by William Cariste, a principal of Newmark Real Estate of New Jersey, Woodbridge. The Gale Co. was represented in-house by senior vice president Kris Bauman.

The project is another sign of a trend that has emerged in the Garden State recently. Already home to large and thriving pharmaceutical and biomed/biotech industries, the state has seen a number of medical-related transactions in recent months, including medical cooperative and branches of existing hospitals.

"Bringing this world-class cancer treatment center to the state is a significant 'win' for New Jersey," Bauman says. "We believe the investment Memorial Sloan-Kettering is planning to make will be a tremendous asset to the region."

The site is located in Central New Jersey's Somerset County, near the crossroads of I-78, I-287 and Routes 202/206. Corporate neighbors include Affinity Federal Credit, Met Life, Chubb Insurance, Everest Reinsurance, Morgan Stanley, Lucent, Fedders and Verizon Wireless. Memorial Sloan-Kettering officials say they expect to have the first phase of the center up and running by early 2006.

While Memorial Sloan-Kettering officials haven't put a dollar figure on the project yet, it's part of a massive, $1-billion capital campaign the institution launched last fall. "We want to strengthen our technologically advanced research and cancer care facilities for the benefit of patients worldwide," Dr. Harold Varmus, president of the institution said in kicking off the campaign last year.

The new facility will actually be its third in the Garden State. Memorial Sloan-Kettering currently operates outpatient care facilities attached to Saint Clare's Hospital locations in Dover and Denville, both in the northernmost part of the state.