Life Sciences 2020: The Future is Here

TOP VC-FUNDED COMPANIES (2019)

COMPANY

ROUND

MONEY RAISED LEAD INVESTORS

Oyster Point

2

$93.0M

Flying L Partners, The Invus Group

PMV Pharma

4

$62.0M

Nextech Invest

Onkos Surgical

2

$22.6M

Canaan Partners

Linnaeus Therapeutics

3

$12.0M

Kairos Ventures

Vascular Therapies

3

$7.4M

Engage Therapeutics

2

$7.0M

Vuja De Sciences

Angel

$5.0M

Genomic Prediction

2

$4.5M

Nimble Ventures

Durin Technologies

2

$3.5M

Linnaeus Therapeutics

2

$2.2M

SUBMARKET STATS

TOTAL INVENTORY

VACANCY

ASKING RENT ($/SF)

Greater Princeton Area

5,342,362

24.8%

$20.43

Route 78 Corridor

2,551,647

14.3%

$21.01

Morris County

1,503,221

26.3%

$28.78

Upper 287 Corridor

634,576

24.6%

$17.87

Bergen County

555,066

38.3%

$15.22

RENT VS. VACANCY COMPARISON

INVENTORY/GROWTH PROJECTION Currently, a 250,000-sf build-to-suit for Quest Diagnostics is underway at the ON3 Campus in Clifton with an expected completion of Q2 2021.

$10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00

11.0% 13.0% 15.0% 17.0%

Asking Rents Vacancy Rate

Vacancy Rate

5.0% 7.0% 9.0%

Average Asking Rent $/sf

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source: Cushman & Wakefield Research

NOTABLE LEASE TRANSACTIONS (2019)

TENANT

SF

LANDLORD

ADDRESS

SUBMARKET

LEASE TYPE

CMIC CMO

223,936 Matrix Development

270 Prospect Plains Road

Greater Princeton Area New Lease

PTC Therapeutics

185,000 Bristol Myers Squibb

311 Pennington-Rocky Hill Road Greater Princeton Area New Lease

INC Research

48,865 ABS Partners Real Estate 301 College Road East

Greater Princeton Area Renewal

PTC Therapeutics

43,000 Thor Equities

1041 Route 202/206

Route 78 Corridor

New Lease

NOTABLE SALE TRANSACTIONS (2018-2019)

ADDRESS

SUBMARKET SF

BUYER

SELLER

PRICE CAP TENANTS

1041 Route 202/206

Route 78 Corridor

784,000 Thor Equities

Advance Realty/ Cross Harbor Capital PArtners

$152.0M N/A Ashland Chemical,

Amneal Pharma, Nestle, PTC Therapeutics

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Contributors: Jason Price, jason.price@cushwake.com