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NKF Sells $152M Premier Life Sciences Campus

Rutherford, NJ (09/16/2019)

12:00 PM

Global commercial real estate advisory firm Newmark Knight Frank (NKF) is pleased to announce the sale of The New Jersey Center of Excellence in Bridgewater, New Jersey ("NJCOE"), on behalf of CrossHarbor Capital Partners and Advance Realty Investors. Rob Griffin, Kevin Welsh, Matt Pullen, Brian Schulz and Jason Emrani of NKF's Capital Markets team represented the seller in the transaction. The team was also responsible for procuring the buyer, Thor Equities.

NJCOE is a premier life sciences campus totaling 783,500 square feet that is 86 percent leased with 9.1 years of weighted average lease term. The property is anchored by Nestle Health Sciences (US HQ), Amneal Pharmaceuticals and Ashland. Situated on 48 acres, the property is composed of seven interconnected trophy-quality laboratory/ R&D/ office buildings with a distinguished roster of life sciences companies and a GMP capable warehouse. Positioned centrally within the Boston - Washington, D.C. life sciences corridor as well as New Jersey's expanding Innovation Corridor, NJCOE provides access to a deep and highly-educated labor pool from some of the world's top educational institutions and research centers.

"This sale highlights the successful repositioning of the former Sanofi campus by CrossHarbor and Advance, as well as the strong demand for life sciences investment offerings," said Griffin, co-head of U.S. Capital Markets for NKF. "It further showcases the power of NKF's collaborative capital markets platform, involving professionals from our New Jersey and Boston offices."

"The acquisition provides Thor with the rare opportunity to own an institutionally-developed and best-in-class life sciences campus. The property's long-term, durable cash flow with upside through increasing below-market rents were key investment drivers for Thor," added Welsh, executive managing director.

About CrossHarbor Capital Partners LLC
CrossHarbor Capital Partners LLC is a Boston-based alternative investment management firm that invests in core-plus, value-add, and opportunistic commercial real estate transactions. The firm seeks short and medium duration debt and equity investments that offer a compelling case for generating high absolute returns. CrossHarbor emphasizes investment strategies rooted in property-level operational enhancements as well as those with pricing advantages that arise from distressed, complex, and dislocated scenarios. CrossHarbor was founded in 1993 by Samuel T. Byrne and William H. Kremer and has invested in more than $13 billion of commercial real estate on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, financial institutions, family offices, and sovereign entities. For further information, visit www.crossharborcapital.com.

About Advance Realty Investors
Advance Realty Investors is a privately-owned real estate investment, development and management company that has been in business for over 40 years. Advance owns, manages or has invested in a diversified, 15-million-square-foot portfolio across all asset classes.

About Thor Equities
Thor Equities is a leader in the development, leasing and management of commercial, office, retail, hotel, residential, and mixed-use assets in premier urban locations worldwide. The company maximizes returns for investors by recognizing a property's potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. Thor Equities is also the exclusive representative of global retailers through Thor Retail Advisors, a premier leasing agent for marquee properties worldwide. For more information, visit www.thorequities.com.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.

For Media Inquiries Contact:
Deb Bergman
Vice President PR and Communications
Newmark Knight Frank
T 303.260.4307