Pat Green, SVP in the local office of CB Richard Ellis, tells GlobeSt.com it paid $5.7 million for the property, which was formerly owned and occupied by Avery Dennison. Green has been involved in leasing agreements for URL/Mutual over the past few years, and the current expansion plan calls for consolidation of several facilities, including leased space in Bucks County, he says.
While adding the Dungan Rd. property, the company is also upgrading its existing two-building headquarters at 1100 Orthodox St. in the Juniata Park section of the city. The addition and renovation will allow URL/Mutual to double the chemistry and formulation capacity of its research and development capabilities as well as its quality control capacity. Manufacturing will increase from the current 2.3 billion tablets a year to 4.5 billion tablets a year.
Pennsylvania's Department of Community and Economic Development and the Governor's Action Team provided a financial package totaling nearly $5.5 million for the expansion. That includes a $2.5-million low-cost loan through Pennsylvania Industrial Development Authority, $1 million from the Machinery and Equipment Loan Fund, a $650,000 opportunity grant, $325,000 in job training assistance, and $975,000 in job-creation tax credits. ULA/Mutual plans to expand its current 441-member workforce with an additional 325 employees by the end of 2006. The company has been based here for more than 50 years. It currently has 250 abbreviated new drug application approvals and four new drug application approvals.
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