New Jersey Institute of Technology will propel life science innovation forward at the Northeast Science and Technology Center.
KENILWORTH, N.J., Dec. 13, 2024 /PRNewswire/ — The Northeast Science and Technology (NEST) Center today announced New Jersey Institute of Technology (NJIT) as its first academic partner at the campus, marking a significant milestone in the creation of a life science, technology, and pharmaceutical research hub. The university plans to establish the NJIT @ NEST Center for Translational Research with the goal of expanding upon its track record of translating fundamental research into products and services that benefit humanity.
Ranked as one of the nation’s top research universities (R1) by the Carnegie Classification and as a top 50 public university by U.S. News & World Report, NJIT is set to expand its presence into the NEST campus, occupying 25,000 square feet at building 15 NEST. The NJIT @ NEST Center for Translational Research will equip professors and students with a dedicated area to conduct groundbreaking research and accelerate the transformation of discoveries into tangible solutions for real-world problems.
“New Jersey is at the forefront of life sciences and technology innovation, and this partnership between NJIT and the NEST Center solidifies our position as a global leader in these critical industries,” said Governor Phil Murphy. “By investing in academic-industry partnerships, we’re not only fostering groundbreaking research but also creating jobs and driving economic growth that benefit all New Jerseyans. I’m proud to see NJIT and NEST lead the way in shaping the future of science and technology.”
“This partnership will provide NJIT’s researchers with access to first-class lab spaces and will open up tremendous opportunities for collaboration with others at the NEST Center,” said NJIT President Teik C. Lim. “This opportunity aligns perfectly with our vision and new strategic plan, which calls for an expansion of NJIT’s role as a nexus of innovation that brings together people and ideas from around the world to spur creativity, innovation and high-impact practical research.”
NJIT’s researchers and students will utilize the facility to explore cutting-edge fields, including life sciences, biomedical engineering, biology, material science and engineering, chemical engineering, chemistry, computing, and artificial intelligence fields.
“The ecosystem created between the private and public sector and both large companies and startups is best anchored by academia,” explained John Saraceno, co-founder and Managing Principal of Onyx Equities. “For these reasons, we felt it was critical to bring NJIT—an institution of the highest caliber—to NEST. The decision for the university to move these facilities to the NEST campus will positively impact both healthcare and humanity.”
This partnership follows the recent announcements of CoreWeave establishing an AI co-location data center at the 11 NEST building and Revlon relocating its Science and Innovation Lab to part of the 15 NEST building. The location of CoreWeave and NJIT on the NEST campus supports NJIT’s growth in machine learning, computer vision, natural language processing, and robotics, with the goal of becoming a major player in AI innovation in higher education.
Dan Loughlin of JLL and Jonathan Scheinberg of Outshine Properties represented the ownership group of Onyx Equities, Machine Investment Group, and Pivot Real Estate Partners.
About Northeast Science and Technology Center (NEST)
Conveniently located in Kenilworth, NJ, the Northeast Science and Technology (NEST) Center is a 100+ acre campus that is purpose-built and zoned for life science innovation, answering a need for immediately available, turn-key, and customizable office, laboratory, and bio-manufacturing space in the tri-state area. Formerly the global headquarters of Merck, the Onyx Equities-led venture acquired the campus February 2023 and have since begun work with partners Machine Investment Group, Pivot Real Estate Partners, and Outshine Properties to develop it into a hub of research and innovation in the Northeast region of the United States. For more information about NEST, visit www.NestCenter.com.
About NJIT
New Jersey Institute of Technology (NJIT) is the greatest producer of technological talent and knowledge in New Jersey and is a nexus of innovation — a physical and intellectual focal point for innovative ideas, actions, and people. NJIT is the only public university in New Jersey and one of only 54 universities nationally to receive a five-star rating in Money’s annual best colleges list. The Wall Street Journal ranks NJIT No. 26 nationally for alumni salaries, No. 30 for upward mobility and No. 50 for value. NJIT also is among the top 2% of universities for alumni earnings, according to PayScale.com, and is ranked No. 23 nationally by The Princeton Review as a Best Value College, in addition to being rated among the top 50 public national universities and top 100 overall by U.S. News & World Report. NJIT also is the only polytechnic university that is an R1 (highest level) Carnegie Classification research university and is designated both an Asian-American and Hispanic serving institution.
About Onyx Equities, LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading full-service real estate firm specializing in investment, asset repositioning, and ground-up development. Since its founding in 2004, Onyx has acquired more than $4 billion worth of diverse real estate assets throughout New Jersey, New York, and Pennsylvania, and has executed over $1 billion in capital improvement projects under its signature repositioning program. For more information about Onyx Equities, visit www.OnyxEquities.com.
About Machine Investment Group
Machine Investment Group is a real estate investment platform focused on investing in opportunistic, distressed, and special situations across all major asset classes in diverse geographies throughout the United States. Machine principals are directly responsible for deploying over $2.0 BN in capital to date. With a strong reputation, solutions-oriented approach, and extensive lender relationships, Machine aims to deliver consistent, opportunistic returns while minimizing losses. For more information, please visit https://machineinv.com/.
Contact: Amy Roberts, media relations
Email: Onyx@knbcomm.com
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SOURCE Northeast Science and Technology (NEST)
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