JLL Income Property Trust Buys 147,000 SF Life Sciences Building in Florham Park, New Jersey

FLORHAM PARK, N.J. — JLL Income Property Trust has acquired 170 Park Avenue, a 147,000-square-foot life sciences building in the Northern New Jersey city of Florham Park. The sales price was approximately $47 million. The property is net leased on a long-term basis to biotechnology firm Celularity Inc. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer, Zach McHale and Tom Sullivan of CBRE represented the undisclosed institutional seller. With this acquisition, JLL Income Property Trust now owns five life sciences properties totaling more than 450,000 square feet that are valued in excess of $215 million.