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News release

EAST RUTHERFORD, NJ

Jones Lang LaSalle to Manage Sale of Former Merck R&D Campus in Summit, NJ


​EAST RUTHERFORD, NJ, January 30, 2014 — Jones Lang LaSalle has been selected by Merck to manage the sale of the company’s 1.5 million-square-foot  research and development campus at 556 Morris Avenue in Summit, N.J.

The JLL team handling the sale will be led by Daniel Loughlin, international director and brokerage lead for JLL in New Jersey, along with Joseph Garibaldi, managing director; and Peter Ladas and Jodie Matthews, vice presidents.

“We are primarily focused on marketing this property to life science/research firms who can maximize existing investments made in the property,” said Loughlin. “The campus offers state-of-the-art, move-in ready research, innovation and commercialization space ideally located in a market that boasts a highly skilled and sophisticated workforce.”

JLL recently invited local and state officials, along with many of the state’s leading economic development organizations, including Choose New Jersey Inc., Healthcare Institute of New Jersey, the New Jersey Business Action Center and the Suburban Chamber of Commerce, to the site to gain a first-hand view of the capabilities of the property and benefits to businesses looking to expand or relocate to New Jersey.

“This is an opportunity to bring a new, thriving business to the area,” said Ellen Dickson, mayor of Summit, N.J. “No other location in New Jersey offers the advantages that Summit can, including access to a highly skilled workforce, terrific schools and a thriving downtown as well as close proximity to New York and the Financial District, and major transportation hubs like Newark Airport. We look forward to working with a new owner and supporting their investment in the area.”

“New Jersey is again recognized as the place to do business,” said Lauren Moore, interim executive director, with the New Jersey Business Action Center. “Our viable transportation assets along with our highly educated and diverse workforce uniquely position the Garden State with a competitive advantage.

Communities like Summit, with existing state-of-the art facilities, offer a valuable commodity to the life sciences industry. The state Business Action Center actively works to market specialized infrastructures and promote these distinctive site locations as we encourage pharmaceutical and biotech companies to consider making New Jersey their home.”

“Summit represents the best of urban and suburban environments, with a mix of commercial, retail and residential opportunities supported by abundant transportation and a strong community,” said Kassandra Romas, managing director of Bouras Properties LLC, and chair of the Suburban Chamber of Commerce.

“Summit is attractive because of the excellent combination of services, civic and community leadership and a wide range of not-for-profit organizations adding to the richness of the region.”
"New Jersey is uniquely positioned to offer biopharmaceutical and life sciences firms access to a skilled workforce and a perfect location," said Tracye McDaniel, president & CEO, with Choose New Jersey Inc. "The state boasts the world's highest concentration of scientists and engineers per square mile and is home to three medical schools, 13 teaching hospitals, and dozens of colleges and universities. In addition, New Jersey is the No. 1 state in employment for chemists, No. 2 for biochemists and No. 3 for microbiologists."

About the Site
The 1.5 million-square-foot campus is located at the intersection of Morris Avenue and River Road in Summit in close proximity to Route 24, I-78 and I-287. The 12-building complex comprises chemistry and biotechnology research and development facilities; a pilot plant; a multiple-scale, clinical supply manufacturing facility; warehouse space; an automated sample repository; and corporate offices. The property includes an approved general development plan allowing for expansion of the campus to approximately 1.7 million square feet.

Mechanical infrastructure improvements made at the complex include upgraded chillers, boilers and HVAC distribution. The property also features 1.7 MW of roof-mounted solar arrays and backup power.

The picturesque campus spans 88 acres in a village setting within walking distance of downtown Summit and local shops and restaurants. On-site amenities include a five-story parking garage and parking spaces for up to 3,160 cars, a spacious 900-seat cafeteria with abundant natural light, a 10,000-square-foot, state-of-the-art fitness center with locker rooms, a barista/company store and a fire/hazmat facility.

JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 500 professionals and support staff providing agency leasing, tenant representation, industrial services, strategic consulting, project and development services, property management and investment sales/capital markets services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from three full-service offices in Parsippany, Iselin (Metropark) and East Rutherford, also acts as local service provider for JLL global and national corporate clients in need of real estate assistance in New Jersey.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4.0 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 3.0 billion square feet. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.