ALLENDALE, NJ—Hitachi Chemical Advanced Therapeutics Solutions has signed a new 50,000-square-foot long-term lease that 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 the growth of its cellular therapeutic technologies.
“We are excited to announce the closing of our latest leasing transaction, which brings 75 Commerce Drive to full occupancy,” said Jeff Heller, principal and managing director of Avison Young’s New Jersey office. “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.”
Marc. S. Krieger, senior vice president, 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, 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 Randy Eigen, first vice president.