Part of an international group of associated companies, Purdue is best known for its research in pain management therapeutics, including arthritis-related, as well as asthma treatment. One of its products is the once-a-day theophylline for asthma. The group of associated firms employs more than 4,000 people in research, manufacturing and marketing around the world.
"This new facility, in the middle of New Jersey's pharmaceutical corridor, is a large investment for us," according to Tage Honore, PhD., vice president of discovery research for Purdue Pharma. "The transaction was very complex."
Thomas V. Giannone, senior vice president and co-branch manager of Julien J. Studley Inc.'s New Jersey office, located in Edison, represented Purdue Pharma in the transaction for the site. Eastern Properties represented itself in the negotiations.
"They needed access to the labor force that supports the pharmaceutical industry," Giannone explains. "They also needed a next-generation facility, and a quick transition into the new space. This transaction also indicates that New Jersey is continuing to attract top pharmaceutical and biotech companies that are looking for headquarters or expansion space."
Besides the necessary research-related features, the glass and masonry facility being built for Purdue Pharma at 6 Cedar Brook Dr. in Cranbury will have plenty of cutting-edge design features, including a terrace overlooking a 10-acre man-made lake. The facility will also have easy access to the New Jersey Turnpike.
Eastern Properties is an office and industrial developer focusing on the Princeton area market. Studley, based in New York, has 14 other US offices besides its Manhattan headquarters and its Edison-based New Jersey operations.
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