Roche is one of the largest pharma companies exiting or reducing its space in the market. It’s huttering its Nutley headquarters of 83 years to consolidate its R&D operations in Switzerland and build a new Translational Clinic Research facility in Manhattan. Observers believe the 127-acre campus, which sits along Route 3, would be a natural fit for retail use, after significant cleanup.
MAJOR DRUGMAKERS’ CONSOLIDATION TREND POSES KING-SIZED
HEADACHES FOR BROKERS TRYING TO DISPOSE OF INVENTORY,
BUT MAY ALSO PRESENT REDEVELOPMENT OPPORTUNITIES
By Antoinette Martin
As Big Pharma continues to contract and morph, per- fect storm conditions prevail in the marketplace for R&D properties in New Jersey. So says Christopher E.
Kinum, head of Cushman & Wakefield’s global life sciences
practice. But he isn’t the only one—his industry colleagues
provide similarly gloomy reports on the climate.
“Brokers who know the life sciences industry are all of the
same general opinions,” says CBRE NJ’s Tom Sullivan, the
national director for his company’s practice. “R&D property in
any size has been depressed for four to six years, though not as
depressed as it is right now. We’ve got some really major assets
becoming available, and the fact is, the bigger the asset, the
more difficult the challenge of ever repositioning it.”