Located at 1405 and 1425 Route 206 in Bedminster, NJ, the Pharmacia facility was originally constructed by The Gale Company (formerly Gale & Wentworth) in 2000. The campus consists of two interconnected class A office buildings and includes a cafeteria, health club, company store, covered executive parking and advanced technological and mechanical infrastructure. The space has been built out to reflect a high-end corporate headquarters image.
GVA first vice president John K. Cunningham and associate director Jamie Drummond will work with executive managing officer Jeffrey M. Schotz to secure a long-term tenant for the space. According to Schotz, "The complex offers countless strategic advantages including the strength of a world-class sublessor and we are confident that this headquarters-quality space will be in great demand."
Pharmacia, the world's eighth-largest drug manufacturer, confirmed late last month that it had signed a contract to buy AT&T's 10-building complex in Basking Ridge, NJ. The 1.3 million-sf, 140-acre asset had been on the market since last fall.
The sale price on that deal is estimated at $200 million, significantly less than AT&T's $260 million asking price. The transaction is expected to close by July, with AT&T continuing to occupy the site until late fall.
In addition to its Bedminster employees, Pharmacia will consolidate New Jersey staff from facilities in Peapack and Bridgewater to the AT&T campus. About 2,500 Pharmacia employees are involved. The company is also expected to receive some job growth-related grant money from the state under the terms of its original deal to move its headquarters to New Jersey in 1997. The exact amount is currently being negotiated, according to state officials.
Pharmacia's growth has been fueled by several high-profile drugs, including Celebrex, used for the treatment of arthritis, and Rogaine (hair replacement). Others include Detrol (bladder control), Xalatan (glaucoma), Genotropin (hormone replacement therapy) and Zyvox (an antibiotic).
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