"We're delighted that Alpharma has chosen this location for its headquarters relocation," Mitchell Hersh, president and CEO of Mack-Cali, tells GlobeSt.com. "This transaction demonstrates our commitment to building value by securing long-term leases with credit-quality tenants."
Ron Ganter and Tom Giannone of Cushman & Wakefield of New Jersey, East Rutherford, represented Alpharma, while Diane Chayes, in-house vice president of leasing, represented Mack-Cali. Terms of the deal were not disclosed, but available space in the building is currently listed on Mack-Cali's web site with an asking price of $25.50 to $27.50 per sf.
The signing brings the building, located at 440 Route 22 East in this Somerset County community, to 91.4% occupancy, according to Mack-Cali. The three-story asset, which overlooks Grand Commons Lake, is situated in the I-78/I-287 submarket of Central New Jersey.
Alpharma is a specialty pharmaceutical company specializing in products for both human and animal care. Formed in 1975 as A.L. Laboratories Inc., a wholly owned subsidiary of Norway's Apothekernes Laboratorium. Alpharma went public in 1984 and currently generates about $650 million in annual revenues.
The company will be relocating from its current headquarters at the Witkoff Group's One Executive Dr. in Fort Lee, where it occupies about 57,000 sf. As reported byGlobeSt.com, Alpharma renewed its lease there not quite two years ago. Mack-Cali itself recently relocated its home base, moving from its long-time home in Cranford to Edison.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.