IVAX was represented in the deal by Kenneth D. Lundberg, senior vice president of the Hackensack, NJ-based NAI James E. Hanson Inc. The owner of the flex property, Northvale 97 Associates, a local partnership group, was repped by William Scully of the Bernardsville, NJ-based Hampshire Management. Terms of the transaction are not being disclosed.
"This was an important lease transaction for the company," Lundberg tells GlobeSt.com. IVAX needed the space for the research and development of its pharmaceutical products."
A subsidiary of IVAX Corp., IVAX Pharmaceuticals Inc. is headquartered in Miami. The company develops, manufactures and markets more than 50 generic, brand-equivalent prescription pharmaceutical products. It also creates nutritional and over-the-counter soft gel products, and distributes approximately 450 other brand-equivalent prescription and over-the-counter products in the US, according to company officials. IVAX operates in more than 30 countries and employs 8,000 worldwide, including 700 people involved in its R&D operations.
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