New Jersey's Northeast Science and Technology Center Announces Next Phase of Campus Development
Onyx Equities and Machine Investment Group join forces with Outshine Properties for campus renovations, paving the way for life sciences and biotechnology leasing and innovation
KENILWORTH, N.J., Feb. 13, 2024 /PRNewswire/ -- Onyx Equities, managing member of the joint venture that owns The Northeast Science and Technology (NEST) Center, today announced the next phase of the campus' evolution into an international life science and biotechnology hub. After purchasing the property from Merck in 2023 and Merck vacating all but one building on the campus on January 1st of this year, Onyx Equities is teaming up with Outshine Properties to implement a strategy for renovating and leasing the NEST campus. The strategic partnership is poised to catapult the NEST Center campus to the epicenter of the biotech world.
"The caliber of current lab and biomanufacturing space and related infrastructure at NEST is unparalleled nationally. Merck spared no expense in the build-out and infrastructure redundancy of its world headquarters" explained Jonathan Scheinberg, Managing Principal and Founder of Outshine Properties, who will provide leasing and asset management advisory services to the NEST campus. "The partnership between Onyx Equities, one of the nation's premier commercial real estate organizations, and Outshine Properties, real estate industry leaders in life sciences assets, will ensure the campus is primed and ready for the world's most innovative companies to pursue the next stages of global research and development."
The 100+ acre campus already boasts 2 million square feet of existing facilities, including 1.4 million square feet of state-of-the-art laboratories and biomanufacturing facilities, 500,000 square feet of Class-A professional office space, an existing vivarium, and over 30 acres of redevelopment opportunities. Prospective life science tenants, especially those in cutting-edge research such as cell, gene, and immunotherapy, will find an environment able to meet their specialized requirements. The campus also offers robust utility infrastructure capable of supporting advanced data storage and processing capabilities, allowing organizations the opportunity of leveraging technology such as artificial intelligence for their research and development.
On-campus renovations will kick off with the 280,000-square-foot pilot research and development plant — branded as 11 NEST — which is specifically tailored to meet the unique needs of life science companies, especially those engaged in biomanufacturing.
"With a commitment to fostering innovation, the NEST Center is poised to become a vibrant ecosystem where ideas flourish and translate into real-world solutions. When complete, the campus will be prime for startup incubation, educational research, and even talent acquisition from regional colleges and universities. NEST is not merely a physical space; it represents a paradigm shift, propelling educational, entrepreneurial, and employment landscapes into a future defined by excellence and ingenuity," noted Matthew Flath, Senior Vice President Asset Management at Onyx Equities.
In the coming year, the campus will host its first-ever life science conference in partnership with Bisnow. The conference will bring together life science real estate professionals for transformative discussions and unparalleled insights, setting the stage for exploration of innovation within the life sciences industry.
About Northeast Science and Technology Center (NEST)
Conveniently located in Kenilworth, NJ, the Northeast Science and Technology (NEST) Center is a 100+ acre campus which is purpose-built and zoned for life science innovation, answering a need for immediately available, turn-key, and customizable office, laboratory, and bio-manufacturing space in the tri-state area. Formerly the global headquarters of Merck, the Onyx Equities-led venture acquired the campus February 2023 and have since begun work with new partner Outshine Properties to develop it into a hub of research and innovation in the Northeast region of the United States. For more information about NEST, visit www.NestCenter.com.
About Onyx Equities, LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading, full-service real estate firm specializing in investment, asset repositioning and ground-up development. Since its founding in 2004, Onyx has acquired more than $4 billion worth of diverse real estate assets throughout New Jersey, New York, and Pennsylvania, and has executed over $1 billion in capital improvement projects under its signature repositioning program. For more information about Onyx Equities, visit www.OnyxEquites.com.
About Outshine Properties
Outshine Properties is a real estate investment and development firm focused on Life Science and knowledge economy assets. Outshine was founded in 2020 by Jonathan Scheinberg who has over 20 years of experience in life science real estate. The company invests nationally across life science, medical office, and technology-focused assets. With its extensive expertise and successful track record of acquiring, repositioning and managing over 7 million SF of life science and mixed-use properties, Outshine is well positioned to capitalize on the rapid growth of the life science industry going forward.
Contact: Corrie A. Fisher, media relations
Email: [email protected]
SOURCE Northeast Science and Technology (NEST)
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