Details of the company's lease were not released. The building's current availability of 17,700 sf is listed on the Edison-based Mack-Cali's website with an asking price of $26-to-$28 per sf.
For the new tenant, the relocation of its Respiratory Drug Division marks a major expansion of that group. According to John Miclot, president and CEO of the Murrysville, PA-based parent company, the new location is approximately double the group's previous space in nearby Cedar Grove. The move is a reflection of "our growing respiratory drug delivery business," according to Miclot.
Mack-Cali acquired the three-story building, located at the interchange of Interstates 80 and 287, three years ago from the Evans Parsippany Partnership for a reported $34 million, or about $107 per sf. At the time, the building was fully leased to Lucent Technologies, which subsequently moved out.
Mack-Cali took a major step toward refilling the asset two years ago when it signed American Home Assurance Co., an AIG subsidiary, to a lease for 117,118 sf for 13 years. With the signing and move-in of the Respironics division, the availability has been reduced to that block of just 17,700 sf.
Respironics' divisional move here comes just as the parent has announced a major expansion. In November, the company started construction for a $32 million, 165,000-sf manufacturing facility near its corporate headquarters location in Murrysville, in southwestern Pennsylvania. And earlier this year, the company opened a 90,000-sf facility in the UK to serve as its European headquarters and distribution center.
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