Long-Term Commitment Coincides with Planned Repositioning into World Class Life Sciences Facility
NEW YORK and MORRISTOWN, N.J., Jan. 16, 2024 /PRNewswire/ -- David Werner Real Estate Investments (DWREI) today announced the signing of a long-term lease extension with Dow, a global materials science company, at its life sciences and office campus in Collegeville, Pa. Dow, whom Newmark Group represents, has agreed to an extension of its lease term for approximately 800,000 square feet that includes the company's Northeast Dow Center, a significant research and development center for the company.
DWREI and its partner GreenBarn Investment Group completed the purchase of the campus this past August from Pfizer Inc., who remains a tenant at the property. Spanning approximately 1.9 million square feet and located just 22 miles northwest of Downtown Philadelphia, the campus includes 14 interconnected office, life science and mixed-use office buildings across 340 acres.
"We are thrilled with Dow's long-term commitment as we embark on a new era in conjunction with our partners at GreenBarn in repositioning this exceptional facility into a world-class center of innovation in life sciences research," said David Werner. "A bedrock of our economy with a major presence in the region, we believe this is an extraordinary opportunity to tap into the sustained growth of the life sciences industry and the consistent demand for best-in-class research facilities. It was a pleasure working with the Dow and Newmark teams on this transaction. We look forward to continuing to serve Dow and Pfizer, a blue-chip organization with a 170-year history centered on innovation in science, medicine and healthcare."
"For more than ten years, we have called the Northeast Dow Center in Collegeville home, bringing together the best R&D and business minds," said Bob Butterick, site leader and TS&D director, Dow Home and Personal Care. "We are excited about the direction of the campus as we focus on attracting and retaining world-class talent as we meet customers' evolving needs while leading the transition to a more sustainable, inclusive future for many years to come."
About David Werner Real Estate Investments
David Werner Real Estate Investments ("DWREI") is a prolific real estate investor based in New York City. Led by David Werner, DWREI has over 40 years of commercial real estate investment experience across the United States. Marquee holdings include numerous office towers in New York City including, 1285 Avenue of the Americas, 237 Park Avenue, 235 East 42nd Street, 3,600 apartment units in the Southeast, Parkmerced Apartments in San Francisco and 540 West Madison in Chicago.
About GreenBarn Investment Group
With offices in Morristown, NJ and New York City, GreenBarn Investment Group is a vertically-integrated investment management firm that utilizes its extensive network and industry experience to acquire and develop real estate assets, make and invest in real estate loans, and invest in CRE credit special situations. GreenBarn is an affiliate of Rithm Capital (NYSE: RITM), an asset manager focused on the real estate and financial services industries.
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SOURCE GreenBarn Investment Group
