Tulfra Real Estate announced on Aug. 10 that 3D printing system company Desktop Metal signed a five-year lease for 7,571 square feet at 60 S. Jefferson Road in Whippany.
According to Marcus Lee, asset manager of Tulfra Real Estate, the Burlington, Mass.-based public company will use the space to continue research and development on metal 3D printing technologies.
The broker on the transaction was Hugh Scullin of Katz & Associates in Englewood Cliffs; Nancy Tuckman of Newmark Associates in Cedar Knolls represented Tulfra Real Estate.
Named a technology pioneer by the World Economic Forum, Desktop Metal is regarded as one of the fastest-growing unicorn startups in United States history, evaluated at more than $1 billion. The company currently offers several variations of its 3D printing technology geared to different materials, industries, and use cases. Desktop Metal Recently released an AI-driven software called Live Parts, which automatically generates printable object designs which can be used with any 3D printing system.
“Desktop Metal offers a unique and valuable service unlike anything else in northern New Jersey, and a light industrial/tech space is precisely what they need to accommodate their 3D printing equipment,” Lee said.
60 S. Jefferson Road is in proximity to highly trafficked thoroughfares and to major cities. The property is minutes from Routes 10 and 24; Interstates 287, 280 and 80; close to the Morristown and Newark Liberty International airports; and just over 30 miles to midtown Manhattan.
Tulfra Real Estate acquired the 5.5-acre, 57,000-square-foot former manufacturing site in 2014. Under the firm’s direction, the property has undergone significant renovation inside and outside to cater to light industrial/tech clientele like Desktop Metal. The building was divided into separate units to be leased out to smaller companies for light industrial use. Among the upgrades were updated electric, new lighting, new bathrooms, new entryways, architectural glass, loading doors, a new roof, and improvements to the parking lot and grounds.