Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WEST ORANGE, NJ-Organon USA Inc. has sold a three-story, 50,000-sf office building on its former headquarters campus here. The deal was arranged by brokers from Real Estate Strategies Corp. of Kenilworth, which has the exclusive on the multi-building property. The buyer was identified only as “a private investor group.” The sale price was not disclosed, and the vacant building had been listed without an offering price.

“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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.