France-based pharmaceutical company NicOx is relocating its US headquarters within Warren, doubling its office space in the process. Naproxcinod, the firm's prescription drug for relief of the signs and symptoms of osteoarthritis, is under review by the FDA for commercial marketing and the pharma firm expects to grow following the drug's FDA approval, anticipated in mid-2010.
FirstService Williams' director Andrew Tarvin led the negotiations on behalf of the tenant, while Robert Ryan, Geoffrey Schubert and Craig Eisenhardt of CB Richard Ellis represented the landlord.
"NicOx was looking for well-located, top-tier office space with a turnkey installation," he tells GlobeSt.com, explaining that the firm will take possession in April, once the build-out is complete. "NicOx was also impressed with Normandy, an excellent owner/operator, who worked with them to accommodate their needs."
Tarvin notes that as a condition of relocating within the state, NicOx obtained a Business Employment Incentive Program grant from the New Jersey Economic Development Authority, another key to finalizing the transaction. "The grant makes a big difference," he said. "The program goes a long way toward not just supporting, but growing biotech, a key business sector in New Jersey."
BEIP grants have been part of the state's arsenal for several years now and are based on the number of new jobs created. By adding at least 25 qualified jobs within two years, eligible companies can be reimbursed for up to 80% of gross withholding tax paid by new employees for up to 10 years, to a maximum of $50,000 per employee over the course of the grant
This deal comes on the heels of a FSW-negotiated, 9,971-square-foot office service center and warehouse lease for Docutrend, Inc. at Mack-Cali Realty Corp.-owned 29 Commerce Way in Totowa.
This is the first Garden State location for the Manhattan-based Docutrend, a document technology and equipment provider, which saw an opportunity to take advantage of today's economic conditions and increase market share by expanding into New Jersey, which the firm sees as a growing market.
Frank Gunsberg and Jason Imperial of FirstService Williams led the negotiations on behalf of Docutrend. Mack-Cali was represented in-house by Peter Bronsnick, director of leasing.
"Mack Cali's Commercenter is architecturally distinct and had the exact space that fit the vision of Aaron Rubin, Docutrend's CEO," says Gunsberg, who noted that 29 Commerce is a modern, single-story building with glass features and a high-ceiling warehouse; ideal for a high-tech user that requires office and warehouse space for servicing equipment.
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