Colliers Completes Life Science Lease in Jersey City

JERSEY CITY-Colliers International has completed a seven-year, 18,500-square-foot sublease on behalf of Intrasphere Technologies Inc. at Mack-Cali's Harborside Financial Center, Plaza 10, along the waterfront here.

Robert Goodman of Colliers International represented Intrasphere Technologies, a life science consulting firm. Goodman notes that Intrasphere was pleased with the competitive rents in Lower Manhattan, where they are currently based, but the New Jersey employee and corporate tax savings ultimately drew the firm to Jersey City. Gramercy Realty was the sublessor, repped by John Wheeler of Jones Lang LaSalle.

"Along with the tax incentives, the Lt. Governor of New Jersey personally greeted Intrasphere to help sell their move to New Jersey," Goodman tells GlobeSt.com. "This should serve as a wake-up call to municipalities across the region to take a more proactive role in retaining their tenants. The office market in the Tri-State area is ultra-competitive, and ultimately, space users of all sizes and across all industries are looking for economic advantages that serve their business and operational needs." According to Goodman, the rental rate at the building is $29 a square foot.

Harborside Financial Center combines six class A office buildings, retail shops and restaurants, a full-service Hyatt Regency hotel and luxury apartments. Corporate neighbors include Mizuho, Citco, Instinet, Forest Laboratories, Capgemini and Deutsche Bank.

This deal comes on the heels of the launch of Colliers Tri-State Life Science Practice Group, which handles leasing, investment sales and dispositions in the life science sector throughout New York, New Jersey and Connecticut. John Cunningham, executive managing director based out of the Princeton office, leads the group. He also serves on the steering committee for Colliers International?s national Life Science Practice Group. Andrew Tarvin, Parsippany-based director with Colliers International, focuses in the Northern New Jersey and New York markets.

?The life science sector has tremendous growth opportunity, especially as the country increases its investment into research and development,? Cunningham tells GlobeSt.com. ?We serve established pharmaceutical companies and emerging biotech firms in our region, nationally and abroad.?

Most recently, the Tri-State Life Science Practice Group arranged a long-term lease for ARMGO Pharma, Inc. at 777 Old Saw Mill River Rd., also known as the Landmark at Eastview, in Tarrytown, NY. They also arranged a long-term, 31,800-square-foot lease on behalf of a longtime client at 89 Twin Rivers Rd. in East Windsor, NJ. The facility is a highly specialized, FDA-approved good manufacturing practice space, or GMP, and includes manufacturing, office and lab space.