Hitachi Chemical Advanced Therapeutics Solutions (HCATS)Signs50,000-Square-Foot Lease at 75 Commerce Drive, Allendale, NJ
Jeffrey L. Heller, Avison Young, Principal and Managing Director of the company’s New Jersey office,is announcing the firm arranged a new 50,000-square-foot long-term lease for Hitachi Chemical Advanced Therapeutics Solutions (HCATS), a lead global service provider specializing in cellular therapies, research, and development.
The long-term lease brings 75 Commerce Drive, Allendale, NJ, a 115,000 square-foot class “A” flex property to full occupancy. HCATS signed a long-term lease and plans to create state of the art facilities to support its growth as a leader in the development of cellular therapeutic technologies.
Senior Vice President, Marc. S. Krieger led the Avison Young New Jersey team that represented the landlord in the negotiations. Avison Young was named the exclusive agent in July 2015 and was awarded the 71,000 square-foot space. The Avison Young New Jersey Project Management team worked on a way to divide the space, which ultimately led to a 21,000 square-foot lease with Telemetrics, Inc., a company that specializes in robotic video applications for broadcasting and defense, and the new 50,000 square-foot lease with HCATS.
HCATS was represented in this transaction by CBRE’s First Vice President Randy Eigen, whileTelemetrics, Inc. was represented by McBride Corp’s President Gregory Hoffmann and Vice President Michael Brown.
“We are excited to announce the closing of our latest leasing transaction, which brings 75 Commerce Drive to full occupancy,” said Heller. “The completion of this long-term lease is a testament to both Avison Young New Jersey team’s market insight as well as our comprehensive suite of offerings as our project management team’s work in dividing the space helped our client maximize the value of the property.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.