Urban real estate developer and investor Thor Equities has announced the launch of Thor Sciences, a global division specialising in the life sciences sector, as it continues a diversification drive away from retail real estate.
The announcement comes on the heels of Thor’s debut life sciences investment in Bridgewater, New Jersey.
The firm has invested $152 mln (€136 mln) in the acquisition of The Center of Excellence, a 784,000 ft2 (72,800 m2) campus on 48 acres, comprising laboratory, research and development, and office buildings. The complex features life science companies specialising in pharmaceuticals and health services, including anchor tenants Nestlé Health Science, Ashland, and Amneal Pharmaceuticals.
Additional tenants include Insmed, Avantor, Nevakar, Solaris Pharma, Clinical Genomics, Matinas BioPharma, Vertice Pharma, 3D Biotek, Unionmed Tech and GSG Scientific. Expansion plans for The Center of Excellence are expected to be in excess of tens of millions of dollars, Thor said.
'We are pleased to announce the launch of Thor Sciences as well as the acquisition of The Center of Excellence,' said Thor’s chairman and CEO, Joseph Sitt.
'We have been an early advocate for the sector, having previously acquired assets in Berkeley and Boston, and are now ready to advance our global platform with the appointment of life sciences expert and new senior vice president, Bill Hunter.'
A life science and higher-education specialist, Hunter becomes senior vice president of Thor Sciences with immediate effect, bringing 20 years experience to the role.
'The life sciences sector has gained unbelievable traction in recent years,' Hunter said. 'The chance to work with Joe and the Thor team presents an exciting opportunity as we launch Thor Sciences.
With Thor’s strong knowledge base across all asset classes, this new division knows no bounds. Alongside Thor’s team of experts, I look forward to creating a world-class property, and contributing to the acquisition and development of properties throughout the US and beyond.'
