PARSIPPANY, NJ-Daiichi Sankyo Inc. has signed a long-term lease for 32,131 sf at 9 at Parsippany, a 197,000-sf office building also known as 9 Entin Rd. The Japanese pharma giant will use the site as its new corporate training center. The building is in close proximity to the company’s US corporate headquarters, also in Parsippany.

Lincoln Property Co. vice president Rick Genthe was the in-house leasing agent for owner 9 Entin Road Investors LLC, a joint venture between Lincoln and a fund advised by the US real estate business of UBS Global Asset Management. Daiichi Sankyo was represented by James Garibaldi, CEO, F. John Fatigati, SVP and managing director, and associate VP of the Garibaldi Group of Chatham, NJ. Terms were not released.

As reported by GlobeSt.com, the Lincoln/UBS partnership bought the building a year ago from Hartz Mountain Industries for $26.8 million, or about $136 per sf. The three-story asset, located within the Mack-Cali Business Center, was approximately 50% occupied at the time of sale, and besides Daiichi Sankyo its major tenants are AIU Insurance Co. and Emerson Radio.

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?


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.

 

GlobeSt

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 © 2024 ALM Global, LLC. All Rights Reserved.