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News that Genmab would expand its footprint in Princeton broke earlier this month, when it secured an award through the state’s Emerge tax incentive program.

Colliers announced March 26 it negotiated a 12-year lease that expands the international biotechnology company’s footprint by 135,000 square feet at 777 Scudders Mill Road.

Altogether, Genmab will now occupy 270,000 square feet. That works out to three full floors (3,4 and 5) at the Class A office building.

Colliers Executive Vice President Charlie Hatfield, Associate Sara Donovan and Associate Director Brett Incollingo (post mortem) represented the building owner, ThirdPoint Real Estate, along with JLL Managing Director – Princeton Office Lead Tom Romano and TJ Romano.

Genmab joined the roster in Princeton in 2019 – in a lease also arranged by Colliers.

Emerging opportunity

At the beginning of March, the New Jersey Economic Development Authority approved up to $8.4 million in tax credits through the Emerge Program to support Genmab’s expansion.

The company will receive $1.2 million in tax credits each year for seven years.

Genmab’s U.S. headquarters already supports 660 employees. The larger footprint is expected to add another 300 jobs to the site.

As NJBIZ previously reported, the 12-year lease was slated to include an option to extend for a total of 22 years. The price tag to renovate and fit out the expansion at 777 Scudders Mill Road totals $32.6 million. Genmab expects the site will be operational within a year, with the added jobs coming online by September 2026.

Established in 2020, the Emerge program incentivizes companies to stay or locate in the state.

Location

At 777 Scudders Mill Road, The Hiller Group designed the building. The collaborative office space features 9-foot ceilings and open floor concepts.

According to Colliers, the Garden State life sciences market has seen “rapid growth.” In particular from emerging pharmaceutical and biotech firms, per its 2023 Life Sciences report.

“As the leading tenant on the property, Genmab’s expansion is a testament to the top-quality product ThirdPoint Real Estate continues to deliver,” commented Hatfield. “The campus is the U.S. headquarters for several international firms who decided that the quality of amenities and general office environment far exceeds what the competition can offer.”

The property is located within the Princeton Forrestal Innovation Park. The 2,200-acre mixed-use community features office, research, retail, hotel, residential and open space. On-site amenities include: electric vehicle car charges, all new conference and meeting facilities, private and reservable wellness rooms.

Additionally, the site is adjacent to several restaurants, fitness centers and conference centers.