Medical Company Buys 30,067-SF Condo Interest

ALLENDALE, NJ-Progenitor Cell Therapy, a stem-cell medical therapeutics company, has acquired a 30,067-sf condominium interest at 4 Pearl Court, a 41,227-sf R&D facility within Allendale Industrial Park. The seller was First Industrial Realty Trust, which continues to own the rest of the building and the industrial park.

PCT was represented by first VP Randy Eigen, EVP Jeffrey Babikian, and first VP Christopher Olsen. First Industrial was represented in-house by Richard Vanderbeck of the firm's Pine Brook office. Terms were not released. The company will utilize the space as its headquarters and for R&D, with plans to fit it out as a combination lab, clean room, cryogenic freezer storage and offices.

"They had been planning to relocate from their current location at the Hackensack University Medical Center for more than a year," Eigen says. "But they could not find an existing laboratory facility that met their needs. Four Pearl Court was ultimately the best alternative because the building's flexibility enabled Progenitor Cell Therapy to purchase three of the four available units within the building."

First Industrial's Allendale Industrial Park consists of eight R&D/flex facilities totaling some 416,000 sf. Other tenants on-site include Stryker Medical and Leica Camera, and when the PCT deal closed, the entire campus was fully occupied.