CB RICHARD ELLIS BROKERS SPACE AT RESEARCH AND DEVELOPMENT FACILITY

ALLENDALE, N.J. — CB Richard Ellis has brokered the sale of a 30,067-square-foot condominium interest at 4 Pearl Court, a 41,227-square-foot research and development facility in Allendale. The buyer, Progenitor Cell Therapy, will utilize the space, located in First Industrial’s Allendale Park, for its research and development needs. Progenitor Cell Therapy also plans a fit-out that will include a laboratory, a clean room and cryogenic freezer storage and office space. The entire research campus was fully occupied upon completion of the sale. Randy Eigen, Jeffrey Babikian and Christopher Olsen of CB Richard Ellis represented the buyer, and Richard Vanderbeck represented the seller, First Industrial, in the transaction. The sale price was undisclosed.