Celanese, the seller, was represented by Jeffrey J. Garibaldi, president, Gerald E. Moore Jr., managing director, and Gerald A. Bower Jr., vice president of the Garibaldi Group/Corfac International, Chatham. Celgene was represented by the Staubach Co. The sale price was not disclosed, but a source with knowledge of the transaction tells GlobeSt.com that the asset traded for a number in the $25-million range.

"This transaction meets both Celanese AG's and Celgene's business requirements," Garibaldi says. "This campus offers Celgene terrific space with superb amenities and infrastructure. It's also very positive news for New Jersey and another validation of the state's position in the pharmaceutical industry."

The site, which encompasses a combination of R&D, office, lab and storage space within its 15 mostly interconnected buildings, has an interesting history. The oldest building was built in the 1930s as an elementary school for the local community, and serves as the reception center for the campus. It was acquired in the mid-1940s by a predecessor company to Celanese, which over the years completed a number of expansions and capital upgrades.

Celanese AG, the Kronberg, Germany-based chemical giant, announced in early 2003 that it would vacate the premises, which was largely occupied by the company's Ticona Technical Polymers subsidiary, a maker of engineered plastic products. Ticona operations were subsequently dispersed to other company locations in the southeast and Midwest. The property officially hit the market in June 2003 when Garibaldi was hired to sell it for Celanese.

Celgene is a biopharmaceutical company involved mostly in the development and commercialization of therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. Its new home comes with a variety of lab-related systems, a well as a cafeteria, outdoor courtyard, fitness center, library, conference center and a small-scale pilot plant. Its corporate neighbors include Schering-Plough, Lucent, AT&T, the BOC Group, D&B, CR Bard and Chubb Insurance.

Instant Insights /

Pharma Co. Buys 15-Building, 414,000-SF Campus

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