Pharma Giant Allergan Relocates Jersey HQ
- Aug 19, 2016
New York—Pharmaceutical giant Allergan, the company behind products such as Botox, has relocated its U.S. headquarters from Parsippany, N.J., to Madison, N.J., in the state’s largest lease of the year so far.
Newmark Grubb Knight Frank announced that Allergan leased the entire 431,495-square-foot property at 5 Giralda Farms for a 13-year term. The company received more than $58 million in state incentives as part of the Grow New Jersey program and will also incorporate an above-grade parking garage at the facility. With the move to 5 Giralda Farms, Allergan will consolidate three of its existing New Jersey office locations in Parsippany, Bridgewater and Jersey City, bringing together a total of 1,800 employees.
JLL’s International Director Daniel Loughlin and Vice President Jodie Mathews represented Allergan in the lease transaction.
The 50-acre 5 Giralda Farms is owned by a Lincoln Equities partnership and located within the Giralda Farms office campus—formerly the Dodge Estate. The building was previously occupied by Pfizer’s U.S. headquarters.
“Allergan’s flight to quality and the company’s willingness to collaborate with government to make the transaction mutually beneficial represents the firm’s vision into 2017 and thereafter,” David Simson, vice chairman at NGKF who represented Lincoln Equities in the transaction, said in a statement. “The extensive repositioning that Lincoln Equities completed at 5 Giralda Farms made it an ideal location for a world-class corporate tenant like Allergan.”
Amenities at 5 Giralda Farms include six conference facilities, a 345-seat dining room, an 15,000-square-foot fitness center with basketball court, on-site daycare facilities and carriage house. Additional investment into the building will exceed $100 million, according to NGKF.
Images courtesy of Lincoln Equities