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.
Media Contact:
Scott
Cianciulli
T (212) 739-6753
E Scott@theplunkettgroup.com
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content:https://www.prnewswire.com/news-releases/david-werner-real-estate-investments-secures-long-term-lease-extension-with-dow-at-collegeville-pennsylvania-life-sciences-campus-302032887.html
SOURCE GreenBarn Investment Group