PARSIPPANY, NJ-The locally based Medicines Co. has leased an entire 173,156-sf office building at 8 Sylvan Way here. The building is a redevelopment by the Hampshire Cos. of an existing 105,000-sf building and will be stripped to the steel and expanded to accommodate a three-story 173,146-sf facility. The first phase of the state-of-the-art building is expected to ready for occupancy in August 2008.
A source close to the deal tells GlobeSt.com that they cannot disclose any financial information including asking rents, taking rents or aggregate lease value. The source did say that the Medicines Co. chose this building because “it offers the company a new world headquarters image in a redevelopment of a building [which offers] the quality that they are looking for well into the future.”
The source tells GlobeSt.com that the transaction was a one-year analysis of a 15-year lease, which was negotiated on the tenant's behalf by David Simson, president of GVA Williams, while Robert Rudin and Bill Brown of Cushman & Wakefield of NJ represented Morristown-based Hampshire Cos.' interest as the owner. Todd Anderson, a principal within the Hampshire Cos. notes, “we are excited with regard to this transaction and creating one of the finest buildings to have ever been built in New Jersey on behalf of the Medicines Co.” The building will include a full cafeteria and health club/gym as part of the amenity package.
Robert Klausner Esq. of Thacher, Proffitt & Wood LLP represented the ownership while Russell B. Bershad Esq. of Gibbons PC represented the Medicines Co. HLW is overseeing the modifications and design of the building and interiors in conjunction with the project management team from the Walsh Co.
The Medicines Co. is currently located at 8 Campus Dr. in Parsippany. The company moved to New Jersey in 2001 from Cambridge, MA, where it was founded in 1996. The Medicines Co. expects to grow from its current global employee base of 280 employees, where 140 are in New Jersey. It is expanding internationally by establishing European commercial operations.
Clive Meanwell, chairman and CEO of the Medicines Co., explains that New Jersey offers an “extraordinary talent pool in pharmaceuticals across research, development, manufacturing and commercial disciplines,” noting that this location will be the center of the company's global expansion.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
