Actually, the new ownership involves two companies. TheMorristown, NJ-based Hampshire Cos. has teamed up with ParagonRealty Group of Montvale to corral the asset. The total sale pricefor all three parcels was $17 million, but was $5.5 million forthis particular building. The seller was Organon USA, a pharmamanufacturing division of the Netherlands-based Akzo Nobel.
And while pharmaceuticals will no longer be made or researchedat the site, it will have a new life involving medical uses.Hampshire and Paragon are planning to turn it into a medical officebuilding with a net rentable space of about 100,000 sf. Thebuilding, which sits on 11 acres at a full interchange of I-280,does have proximity to some major hospitals, namely St. BarnabasMedical Center and Mountainside Hospital.
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