PARSIPPANY—Cole Real Estatehas acquired a 176,000-sq.-ft., class-A office property located in Parsippany, leased to The Medicine Company. The property, which Cole purchased from The Hampshire Companies for $53 million in an all-cash transaction, is located at 8 Sylvan Parkway and serves as the pharmaceutical firm’s global headquarters.
There are approximately 12 years remaining on the current lease term, with two five-year renewal options. The Medicines Company is a global pharmaceutical company focused on advancing the treatment of critical care patients in a hospital setting.
Constructed in 1979, the facility was expanded and remodeled in 2008 to make it a class-A office space. The office building is located in the Mack-Cali Business Park. The property is located in one of the most concentrated pharmaceutical R&D and corporate office markets in the U.S.: 63 companies in the Fortune 500 have either a headquarters facility or regional presence in Morris County. Additionally, the property has immediate access to local transportation arteries (Routes 10 and 202), and is near key regional highways (Interstate 280 and Routes 24 and 46).
Robert Corry, vice president, acquisitions, office &, represented Cole in the transaction. Kevin P. Welsh, senior vice president with CBRE, represented the seller.