Thor Equities Seeds Life Sciences Arm With $152 Million Purchase
- Sitt’s firm buys 800,000-square-foot campus in New Jersey
- Venture capital is driving rent increases for biotech property
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Thor Equities, known for investing in retail and office buildings, is increasing its bet on another kind of real estate: laboratories.
Thor, led by Joseph Sitt, paid $152 million to acquire the Center of Excellence, a nearly 800,000 square-foot (74,000-square-meter) life sciences campus in Bridgewater, New Jersey, in a deal that closed Thursday. The real estate firm plans to spend tens of millions of dollars on the property, whose current tenants include Nestle Health Science and Ashland Global Holdings Inc., expanding the leasable space by 1 million square feet or more, Sitt said in an interview.