Real Estate

Celgene to Purchase Summit Research and Office Facility

Celgene Corporation today announced that it has entered into an agreement to purchase the Merck & Co., Inc.  research and office facility located at 556 Morris Avenue in Summit. Pending the completion of due diligence, closing is planned for September.  Financial terms of the agreement are not being disclosed.

“Celgene has a long relationship and is a proud resident of Summit, New Jersey.  We are grateful for our strong partnership with the Summit community and city government,” said, Bob Hugin, Chairman and CEO of Celgene.  “Summit is an ideal strategic location for Celgene; convenient to both the New Jersey and New York City talent pools.  Through this potential acquisition and the construction now underway of a new 500,000 square foot office building at our 86 Morris Avenue headquarters location, we look forward to further enhancing our presence in New Jersey and the Summit community.”

The 556 Morris Avenue site includes research and development facilities, laboratory and support buildings, manufacturing capabilities, storage, warehouse buildings, and administrative office space.  The site has approximately 850,000 square feet of administrative office space and 450,000 square feet of R&D space.

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