ELMWOOD PARK, NJ - Bio-Reference Laboratories, Inc. has expanded by 140,000 square feet at 41 Slater Drive Elmwood Park, announced Prism Capital Partners, which owns the property with The Davis Companies. The clinical testing company now occupies the entire, 180,000-square-foot building there.
Bio-Reference Laboratories is largest independent regional laboratory company in the tri-state region and one of the largest in the United States. The firm offers testing, information and related services to physician offices, clinics, hospitals, employers and governmental units. It has maintained nearly 40,000 square feet of office space at 41 Slater Drive for many years.
The long-term expansion meets Bio-Reference Laboratories' need for additional R&D and laboratory space, according to Edwin Cohen, a principal partner with Prism Capital Partners, a regional real estate owner/operator based in Bloomfield, N.J. "Bio-Reference Laboratories is one of New Jersey's fastest-growing companies and the largest occupier of space in Elmwood Park - even without this location," he noted. "This strategic move increases the firm's local presence substantially, and we are pleased to accommodate its immediate and future requirements."
Christopher Olsen from Newark Grubb Knight Frank served as broker for Bio-Reference Laboratories in the expansion transaction.
Prism and The Davis Companies acquired 41 Slater Drive, which sits on 11 acres at the intersection of I-80 and River Road, in 2012. Prism Property Services manages the property. The ownership is investing in exterior improvements, including parking lot and landscaping upgrades.