Situation:

Argent Ventures owned/controlled 12.4 acres of land in Jersey City and envisioned a mixed-use development with 1.6 million square feet of laboratory/office space and 1,544 residential units. The property was located next to Liberty State Park and well served by public transportation and roadways. Argent was seeking a joint venture financial partner and also wanted to commission a market study which would provide Argent with a better understanding of the life science and life science real estate industries and a strategic path forward for The Cove, including the identification of possible anchor tenants.

Action:

Argent engaged Nancy J Kelley + Associates (NJK+A) to conduct an extensive market study for The Cove. Phase I of the market assessment included an initial market and competitive assessment based on secondary research. In Phase II, NJK+A conducted nearly 40 stakeholder interviews from 10 categories of stakeholders, including life science companies, pharmaceutical companies and research institutions in order to develop recommendations for catalyzing an innovation ecosystem and life science cluster. The study results were overwhelmingly positive as no other life science cluster on this scale currently exists in the greater New York/ New Jersey marketplace that can also offer immediate adjacency to vast outdoor recreational opportunities, and established transit links to New York City, with a residential component to aid in employee retention and recruitment. Argent then engaged NJK+A to implement recommendations in Phase III of the market assessment, which included continued and expanded outreach to all market segments that represented potential partners or tenants for The Cove.

NJK+A worked with Ennead Architects and the development team to create a Master Plan for the site. NJK+A also worked with a branding team to create the brand for The Cove JC, the messaging, and a communications and press strategy for the announcement of the development, including the launch of a website and social media strategy. NJK+A worked with numerous public and private entities to establish strategic relationships for The Cove. Finally, NJK+A and Ennead Architects conceived of, and will execute a Launch Event for The Cove JC, in partnership with Liberty Science Center. NJK+A contacted multiple potential financial partners for the life science component of the development and facilitated the due diligence process.

Results:

NJK+A identified several pharma and life science companies interested in leasing space at The Cove as well as an academic partner that was interested in leasing up to 20% of Phase I for graduate academic programming purposes and specialty core facilities. NJK+A also worked with the Argent technical development team to define programming, systems and building amenities for Phase I of The Cove. NJK+A identified a strong, national life sciences developer backed by a publicly traded partner and delivered a term sheet for financing Phase I of The Cove development.