The space became available after the move-out of the company's former Knoll Pharmaceutical unit, which BASF sold to Abbott Labs late last year for $6.9 billion in cash. Knoll had used the space for a variety of office operations, which were subsequently moved to Abbott's headquarters in Abbott Park, IL.
The three-year-old, five-story building, which is located just off I-80 on the border between Morris and Sussex counties, is serviced by a 910-car parking lot and is sprinklered and alarmed. A Wyndam Garden Hotel sits directly opposite the entrance to the complex.
"BASF is asking $27.50 per sf plus tenant electric," according to Mark Siegler, senior vice president in the Teaneck, NJ office of Colliers Houston & Co., which has the exclusive leasing assignment for the space. Also handling the assignment are Rob Rencarge in the firm's Parsippany, NJ office, and company president David Houston.
The owner is looking to sign tenants on a long-term basis, according to Siegler. "We're offering space on the basis of a minimum of one full floor, or about 42,000 sf, up to the entire amount that's available. The space is only available for lease – BASF does not intend to sell the building."
BASF employs 100,000 around the world and produces a variety of chemicals, plastics, dyes, coatings and other related products. The company uses the Mt. Olive location as its North American headquarters.
Colliers Houston & Co., which is based in Teaneck, NJ and has offices in Parsippany and Somerset, provides a variety of real estate brokerage, management and consulting services. The International Trade Center, meanwhile, sprawls over nearly 700 acres of Northern New Jersey, and among its more than 30 companies are names including BMW, FedEx, Calvin Klein, Lucent and UPS.
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