Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HORSHAM, PA-Alexandria Real Estate Equities Inc., has acquired the 50,000-sf former Neose Technologies Inc. lab and headquarters for $21 million, or $420 per sf. The building was constructed and equipped specifically for phase one and phase two cGMP biologics clinical pharmaceutical trials.

Alexandria is a Pasadena, CA-based REIT that specializes in biotech and pharmaceutical industry space. The cGMP designation is a classification of the Food and Drug Administration, developed for biologics, a new class of immunosuppressants that has recently received FDA approval.

The building contains a 20,000-sf cGMP biologics pilot plant, 5,000 sf of utilities, a 15,000-sf lab and 10,000 sf of office space. It is currently fully leased to Malvern-based Auxilium Pharmaceuticals, a company focused on developing and marketing specialty drugs.

“The sale price represents the highest known selling price in the US for a biologics pilot plant,” according to Mike Brown, SVP in the Philadelphia office of Trammell Crow Co. Brown represented Neose in the sale and also procured the buyer, which spoke for itself in the negotiations.

“Neose’ lead product is going through the approval process in Europe,” Brown says, “and the company will need to establish manufacturing facilities there. It wasn’t ready to take the product to clinical trials here, so it no longer needed this building. It has relocated to leased space in Horsham.”

The building has the potential for a build out to cover phase three clinical trials, according to Brown. He declined to disclose the rental rate for the property, but tells GlobeSt.com, “It is well above the rate for a normal office or flex facility.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.