Biofabrication firm Modern Meadow recently announced that, after receiving a Grow NJ tax incentive from the New Jersey Economic Development Authority, it has decided to relocate to ON3, the former Hoffmann-La Roche campus in Nutley and Clifton.
Modern Meadow will take 72,900 square feet at the campus and plans to add 200 employees by 2020. The firm received a $32 million tax credit from the EDA.
“We are excited to be part of the growing New Jersey biotech community,” Modern Meadow CEO Andras Forgacs said. “With this move, Modern Meadow is committed to expanding its biofabrication platform and continuing to build next-generation materials for the consumers of the future. We are thrilled to be in close proximity to a scientific talent pool and look forward to growing with Nutley.
“We are grateful to the NJEDA for their support and engagement, which helped make the case for our expansion into New Jersey. Special thanks also to our real estate brokers at Cushman & Wakefield, our incentive advisers at Sills Cummis and our real estate attorneys at Windels Marx.”
Cushman & Wakefield’s executive managing director, William Hartman, worked alongside Curtis Foster and Jerry Shifrin in the transaction.
The ON3 campus is owned by Prism Capital Partners.