Investor Group Buys 50,000-SF Office

"The sale of 347 W. Mt. Pleasant Ave. is the second part of a three-part project in which we've been engaged on Organon's behalf for some time," says Andrew B. Zezas, president and CEO of Real Estate Strategies. "Organon has been a client of our company since it was founded, and has been a client of mine for more than 12 years. We look forward to completing the remainder of the project."

The "remainder of the project" is a 175,000-sf manufacturing-and-lab building still to be sold on the former campus of Organon, a business unit of the pharma division of the Netherlands-based Akso Nobel NV. Now based in Roseland, the company had been headquartered here from the time it entered the US market in 1960 through 2002. Real Estate Strategies completed part one of the disposition in late 2005 when an investor group led by Prism Capital Partners bought three buildings totaling 60,000 sf on five acres for an undisclosed price.

As reported at the time by GlobeSt.com, Organon bought the 440,000-sf office building at 56 Livingston Ave. in Roseland from Prudential in 2001 for an estimated $44 million, ostensibly as overflow space for its West Orange campus. Organon subsequently closed its local manufacturing operation, relocated all of its headquarters operations to Roseland and put the local, multi-building campus on the market as surplus property. The company has also since established a research facility in Cambridge, MA.