Most of that 36,000-sf total involves a headquarters relocation by Theradex, which took 27,260 sf and will move in from another location in the submarket. Theradex is an international contract research organization involved in the development of pharmaceutical compounds and medical devices, with a focus on oncology.
"Theradex was able to capitalize on market conditions relative to this particular property," says NKF managing principal Thomas Romano. "This relocation will provide our client with a highly visible location on Route One with appropriate signage, an overall upgrade of its headquarters operation and increased efficiencies."
Most of Theradex's new space, 21,728 sf, involves the entire third floor of the building. The remaining 5,532 sf is on the building's first floor.
NKF's Brian Rushing represented the other three new tenants, led by MGA Careers, a career management firm, which took 3,800 sf. MGA is similarly relocating, moving a regional office from another nearby site. And Altech Star, an IT company, signed on for 2,400 sf, while Catalyst Systems, a software/hardware company, took 2,100 sf.
The four leases have brought the recently upgraded building, which was built in 1986, to 95% occupancy. Terms of the various signings were not released; the space had been listed with an asking price of $20 per sf plus tenant electric, and the block of space still available is listed with those terms.
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