Calare Nabs R&D, Office Asset in CT

The 915,000-square-foot corporate campus in Wallingford is located halfway between Boston and New York City, and was recently renovated to achieve greater energy-efficiency.

5 Research Pkwy. in Wallingford, Conn.
5 Research Pkwy. in Wallingford, Conn.

Calare Properties has acquired a 915,000-square-foot, mixed-use R&D and office complex in Wallingford, Conn. from Bristol-Myers Squibb Co., according to public records. The transaction follows Calare’s recent purchase of another New Haven industrial property encompassing 175,000 square feet.

The asset is located at 5 Research Pkwy., near Interstate 91, roughly halfway between Boston and New York City. The 180-acre corporate campus’ core is the 830,000-square-foot office and lab ensemble, surrounded by a materials handling facility, a central utility plant and a child development center.

Recent upgrades

The campus was upgraded for energy-efficiency, with recent renovation costs exceeding $30 million. On-site amenities include:

  • Laboratory Grade Reverse Osmosis system
  • Co-Generation plant with 4.7MW generator capacity
  • lecture hall
  • helipad
  • full-service cafeteria
  • renovated fitness center
  • 1,405 parking spaces

Jim Panczykowski of Binswanger Management Corp. worked on behalf of the corporate seller and user, who will vacate the site in 2018.

“5 Research Pkwy. provides an unparalleled opportunity for companies in the pharmaceutical, biotech, manufacturing, health care and service industries seeking a facility in the Southern Connecticut region,” stated Bill Manley, CEO of Calare Properties, in prepared remarks. “The extensive acreage and unique physical layout of the campus can accommodate a multitude of uses in addition to potential re-development to meet the needs of future tenants.”

Image via Google Maps