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.”
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