The privately held scientific research and development firm iscreating the pharmaceutical research facility from a 12,000-sfwarehouse on 2.5 acres on Builders Street. The company purchasedthe property for $700,000, but will spend another $7 million toexpand and renovate the building and $6 million more on equipmentand start-up costs, says operations manager Bruce Johnson.

"It sounds like a lot of money, but building out a clean-roomtype space that pharmaceutical manufacturing requires isexpensive," Johnson tells GlobeSt. "This facility is representativeof our close relationship with Pfizer."

The facility is being built to meet US Food and DrugAdministration Good Manufacturing Practices requirements. It willbe used exclusively for manufacturing drugs for Pfizer clinicaltrials, says Johnson. A separate corporation is being created toown and operate the facility, he confirmed.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.