CRANFORD, NJ — Experic, LLC has leased 45,500 s/f at 2 Clarke Dr. in Cranbury, a class A research and office facility, announced Cushman & Wakefield. The location meets the clinical and marketed product manufacturing, research and development, packaging and distribution needs of the swiftly growing contract pharmaceutical supply services organization.
Cushman & Wakefield’s leasing specialists Todd Elfand and Jason Goldman, based in the commercial real estate services firm’s Iselin, N.J. office, represented Experic in negotiating the long-term lease. “The biotech and pharmaceutical industry is resurging in New Jersey, with contract manufacturing and packaging activities expanding as a result, and our client’s business is growing exponentially with it,” said Elfand. “The Lab/R&D market in NJ has improved dramatically over the last few years as vacancy has declined from 21.1% at the close of 2016 to a mere 10.9% currently. As a result, asking rents over the last few years has climbed by 6.6% in that time and has risen each year since 2015. It has become more challenging to find large blocks of available, quality lab space. The lease at 2 Clarke Dr. not only met Experic’s current size needs, but offers enough room to accommodate the company’s expansion.”