The Medicines Co. Leases 173,146-SF Center

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.