Avison Young Signs Hitachi Chem for Long-Term Lease in Allendale Flex Property

75 Commerce Drive, Allendale, NJ (Yardi Matrix)

An Avison Young New Jersey team led by Senior VP Marc Krieger has arranged a new long-term lease at 75 Commerce Drive, in Allendale, N.J., pushing the asset’s occupancy rate to 100%. The last available 50,000 square feet will be occupied by Hitachi Chemical Advanced Therapeutics Solutions, a global service provider specializing in cellular therapies.

The company plans to set up state-of-the-art facilities to support the growth of its medical technology research and development enterprise, specializing in cell manufacturing for regenerative medicine. Hitachi was represented by CBRE in the negotiation of this lease.

Two years ago, Avison Young was named exclusive agent in charge of marketing a 71,000 square-foot space. The efforts of a project management team to divide the space ultimately led to a 21,000 square-foot lease signed with Telemetrics Inc., a company specializing in robotic video applications for broadcasting and defense, and the recent Hitachi Chem lease.

Jeff Heller, managing director of Avison Young’s New Jersey office, stated: “We are excited to announce the closing of our latest leasing transaction, which brings 75 Commerce Drive to full occupancy. 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.”