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BLOOMINGTON, MN-MGI Pharma Inc. has signed a 75,023-sf renewal for its seven-year location, taking the space on a short-term basis. In January, the biopharmaceutical company became a wholly owned subsidiary of Tokyo-based Eisai Co. Ltd.

The term of the lease is 19 months, says David Niami, associate vice president with Equis Corp., which teamed with Cushman & Wakefield Inc. to represent MGI Pharma. MGI Pharma has had its headquarters in the 103,050-sf building at 5775 W. Old Shakopee Rd. since its construction in 2001.

Niami tells GlobeSt.com that MGI Pharma originally considered a five-year renewal, but chose a short-term lease because of its recent acquisition by Eisai. He adds that MGI Pharma received no incentives with the short-term renewal. According to an Eisai press release, MGI Pharma was bought for $3.9 million.

The 103,050-sf structure is part of the four-building West Bloomington Technology Park, a 304,533-sf complex on 28 acres developed and owned by Liberty Property Trust of Malvern, PA. MGI Pharma’s building is nearly 90% occupied, with 10,797 sf available. Midwest Surgical is the other tenant in the building. Niami says the technology park overall is more than 75% occupied. Park tenants include Identix Inc., Minnesota Gastroenterology and Plato Learning. Space in the park is quoted at $12.50 per sf, net.

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