Alexandria is a Pasadena, CA-based REIT that specializes in biotech and pharmaceutical industry space. The cGMP designation is a classification of the Food and Drug Administration, developed for biologics, a new class of immunosuppressants that has recently received FDA approval.
The building contains a 20,000-sf cGMP biologics pilot plant, 5,000 sf of utilities, a 15,000-sf lab and 10,000 sf of office space. It is currently fully leased to Malvern-based Auxilium Pharmaceuticals, a company focused on developing and marketing specialty drugs.
"The sale price represents the highest known selling price in the US for a biologics pilot plant," according to Mike Brown, SVP in the Philadelphia office of Trammell Crow Co. Brown represented Neose in the sale and also procured the buyer, which spoke for itself in the negotiations.
"Neose' lead product is going through the approval process in Europe," Brown says, "and the company will need to establish manufacturing facilities there. It wasn't ready to take the product to clinical trials here, so it no longer needed this building. It has relocated to leased space in Horsham."
The building has the potential for a build out to cover phase three clinical trials, according to Brown. He declined to disclose the rental rate for the property, but tells GlobeSt.com, "It is well above the rate for a normal office or flex facility."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
