Biotech firm Genentech has taken new space at Overlook at Great Notch, a Little Falls office building that will soon undergo millions of dollars in renovations, brokers involved with the deal said today.
The firm, a member of the Roche group, has moved into a 20,000-square-foot office after signing a long-term lease at the building, according to Colliers International's Parsippany office. The space will serve as Genentech's satellite office in New Jersey, housing some 60 corporate support employees such as lawyers and procurement executives.
The signing comes after the building's owner, Theta Holdings Co. L.P., recently brought in fresh capital that will help fund a multimillion-dollar renovation program, Colliers said in a news release. The brokerage firm, which represents the landlord, said the upgrades will include renovations to the lobby and common areas, along with a new conference room and fitness center.
The companies did not disclose the total value of the renovations at the 425,000-square-foot office building, which is located at 150 Clove Road near routes 46 and 3.
Genentech uses human genetic information to develop and sell medicines to treat patients with serious or life-threatening conditions, the news release said. Roche, its parent company since 2009, is set to vacate and close its sprawling campus in Nutley and Clifton after more than 80 years at the site, with plans to move to Manhattan by the end of this year.