HQ Relocation Brings Property to 100% Occupancy with 28,000-sq.-ft. Expansion
EBI, LLC, a subsidiary of medical device and implant manufacturer Biomet Spine & Bone Healing Technologies, this week signed a 102,000-square-foot lease at 399 Jefferson Road in Parsippany, announced Prism Capital Partners, LLC, which owns the Class A office property. The transaction brings the property's existing approximately 180,000 square feet of space to 100 percent occupancy and involves a 28,000-square-foot building expansion.
399 Jefferson Road will serve as the headquarters for Biomet Spine & Bone Healing Technologies, a division of Biomet, Inc. Prism Capital Partners is fitting out the existing space and building the addition to meet the company's sophisticated requirements, which include R&D laboratories, offices, medical conference rooms, breakout meeting areas and an employee lunch area, among other custom accommodations.
Biomet Spine & Bone Healing Technologies will relocate in phases to 399 Jefferson Road from its long-time home at another Parsippany building, which Biomet recently sold. According to Prism's Eugene Diaz, principal partner, a compressed timeframe necessitated that Prism launch construction prior to the lease signing.
"We have been working quickly in anticipation of Biomet's occupying approximately 25,000 square feet of R&D space," he said. "The company will move into the balance of the existing building in February. The addition - for which we just received final site plan approvals last week - will be completed by July."
"We are very pleased to make this investment and provide Biomet Spine & Bone Healing Technologies team members with a state of the art facility in a convenient location," stated Adam Johnson, President of Biomet Spine & Bone Healing Technologies. "We are adopting an open plan designed specifically to encourage a collaborative working environment. Our new building will offer surgeons a first-class educational experience, which will include a hands-on lab, engineering and testing labs, surgeon lecture hall, as well as surgeon training and meeting rooms. We are planning to move into this exciting new space during the coming months."
Andrew Schiffer and Robert Rudin from commercial real estate services firm Cushman & Wakefield, Inc. in East Rutherford, N.J., represented Biomet in its lease at 399 Jefferson Road. Diaz credits all parties involved in the transaction for its successful outcome. "This was a complex process, but the result could not be more gratifying," he said. "It always is great to sign a lease, and even better when it involves such a large amount of space and a venerable tenant like Biomet."
A RE-ACQUISITION SUCCESS STORY
Prism Capital Partners' involvement in 399 Jefferson Road began in 2003, when the Bloomfield, N.J., real estate owner/operator purchased the property as one of its first assets. At the time, the building was fully occupied. When the sole tenant opted not to renew its lease, Prism chose to sell the property in 2006. The company that bought the building never moved in, and it returned to the market in 2010.
"When 399 Jefferson Road came online, we bought it again for the very same reasons that drew us in the first place," noted Prism's Edwin Cohen, principal partner. "This is a quality property in an A+ market, supported by excellent accessibility two blocks from a four-way interchange of I-80."
Just a few months later, Pinnacle Foods Group, LLC, a leading producer, marketer and distributor of high-quality branded food products, leased 85,000 square feet for its headquarters. Pinnacle expanded and now has 103,000 square feet.
With Biomet's commitment, 399 Jefferson Road will again be fully occupied. "We couldn't ask for two better tenants than Biomet and Pinnacle Foods," Cohen said. "These are established, market-leading companies that were attracted by our property's location and image, and Prism's reputation as a well-capitalized and first-class owner and operator. In turn, we are fully committed to providing them with an outstanding business environment today and in the years ahead."