Celularity Inc Leases 147215 Square Feet At 170 Park Ave Florham Park With Tenant's Rep Charlie Hatfield
170 Park Ave, Florham Park, NJ, 07932
Building Size
147,215 SF
Asset Type
Office
Closing
Apr 12, 2019
AI
The property asset involved in the context is a full-building office lease located at 170 Park Ave, Florham Park, NJ, 07932. The office space encompasses 147,215 square feet. The property is situated within a two-building office campus totaling 368,780 square feet and represents the largest new office lease in New Jersey for the first quarter of 2019.
Summary of transation details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 170 Park Ave, Florham Park, NJ, 07932
- Market: Florham Park
- Tenant: Celularity Inc
- Landlord: Unknown
- Tenant's Representative: Charlie Hatfield
- Landlord's Representatives: Matt McDonough (Transwestern Commercial Services), Dan Ligorner (Transwestern), James Postell (Transwestern Commercial Services)
- Square Feet: 147,215
Celularity Inc was represented by Charlie Hatfield and Ryan Healy from Colliers International in this transaction. The building owner was represented by Matt McDonough, Dan Ligorner, and James Postell of Transwestern Commercial Services. This deal reflects significant activity in the commercial real estate sector, particularly for the life sciences and biopharmaceutical industries.
Players
Florham Park Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93