Wednesday, September 25, 2019

PTC Therapeutics Signs 185,000 SF Lease at Bristol-Myers Squibb Campus

by John Jordan
PTC Therapeutics of South Plainfield, NJ has signed a long-term lease for 185,000 square feet with Bristol-Myers Squibb for multiple buildings at its 433-acre Princeton West R&D campus here.

The global biopharmaceutical company will occupy an existing state-of-the-art biologics production facility at 311 Pennington-Rocky Hill Road, as well as house research and operations there.

PTC Therapeutics will occupy Buildings 9, 10, 12, 13 and a portion of Building 18 at the Princeton West campus. PTC plans to further develop the biologics facility to support gene therapy production, and foster innovation and employment in the community. In addition, the firm plans to move its research operations to a newly renovated building on the same campus. These facilities will complement and enhance existing operations at PTC Therapeutics’ global headquarters in South Plainfield.

“Bristol-Myers Squibb’s Hopewell campus is a state-of-the-art, move-in ready research, innovation and manufacturing space that is located in a region with a highly skilled workforce. Repositioning a corporate campus to accommodate multiple users is challenging and complex.

PTC Therapeutics announced in August when releasing its second quarter financials that it had has signed a long-term lease agreement securing a state-of-the-art biologics facility to support the company’s expansion into multiple gene therapy programs. The company stated that the facility was currently operating under cGMP standards by its current tenant, Bristol-Myers Squibb, and will be fully transitioned to PTC by mid-2020. PTC intends to consolidate its discovery and research operations in the same campus.

The 433-acre, 1.1 million-square-foot property features 33 buildings, including chemistry, biology and biotechnology research and development facilities; a biological clinical supply manufacturing facility; warehouse space; and corporate offices. A full-service cafĂ©, substantial fitness center and multiple conference spaces are available for tenants’ use.
Bristol-Myers Squibb had been exploring a variety of approaches including leasing large portions of the complex to like-kind users while simultaneously pursuing a sale to a single investor. Additional space for lease includes 500,000 square feet of research and development space, a portion of which contains two recently renovated state-of-the-art biology R&D modules.

The property also features a 106,000-square-foot global data center and 330,000 square feet of office space for lease. The campus is supported by a central utility complex, including an N-4 waste water treatment plant that can facilitate future development. The site is expandable by 1.8 million square feet, with local zoning recently changed to allow for the production and assembly uses related to the fields of medicine, pharmacology and biologics.

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