PARSIPPANY, NJ-The long-term leased global headquarters of The Medicines Co. at 8 Sylvan Parkway has traded for $53 million. Cole Real Estate Investments acquired the 176,000-square-foot property in an all-cash transaction from The Hampshire Cos.
The Medicines Co., which specializes in critical-care pharmaceuticals, has 12 years remaining on its current lease, with two five-year options.
“With the location of the property, long remaining lease term, scheduled rent increases and desirable corporate headquarters, this acquisition corresponds with our overall conservative, disciplined investment strategy,” says Robert Micera, chief investment officer, office and industrial, for Cole, in a statement. “The Morris County, New Jersey, office submarket boasts great fundamentals, considering its strong economic base and educated workforce, and we are pleased to add The Medicines Company headquarters to our growing portfolio of corporate real estate.”
Morris County represents one of the most concentrated pharmaceutical R&D and corporate office markets in the country, with 63 Fortune 500 companies having headquarters or regional offices there. The Medicines Co. office building is located within the Mack-Cali Business Park. It was built in 1979, and the property was expanded and remodeled four years ago.
The location has immediate access to Routes 10 and 202, and is nearby to Interstate 280 and Routes 24 and 46.
Robert Corry, vice president, acquisitions, office & industrial, represented Cole in the transaction. The Phoenix-based company, a very active acquirer of core real estate assets, manages one of the largest US retail-office portfolios. Cole primarily targets net-leased, single-tenant and multi-tenant properties under long-term.
Kevin P. Welsh, senior vice president with CBRE, represented the seller.
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