Reckson had just acquired the then-vacant building this past July. In the lease transaction with Daiichi, the tenant was represented by Jeffrey Babikian, senior vice president, and Linda Dow, executive vice president in the Saddle Brook, NJ office of CB Richard Ellis. Terms of the lease were not disclosed. The Melville, NY-based REIT has its Garden State office in Short Hills.
"This acquisition and subsequent lease transaction is part of our strategy of opportunistically purchasing high-quality properties with existing vacancy in areas where we have dominant market share," says Todd Rechler, corporate senior vice president and managing director of Reckson's New Jersey division.
Built in the 1990s, 3 Giralda Farms is part of Giralda Farms Corporate Campus, a 1.25 million-sf complex. Besides 3 Giralda, Reckson also owns 154 acres within the park with development rights of about 1.1 million sf. According to Rechler, 436,000 sf is already fully designed and approved for construction.
The Tokyo-based Daiichi, meanwhile, has expanded its US employment base from 200 to 400 in the past few years. Of those 400, 200 positions are based in New Jersey, and company officials say they will double their Garden State workforce. Company officials also say they have qualified for a Business Employment Incentive Program grant from the State of New Jersey.
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