X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

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.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.