Cushman & Wakefield Inks First U.S. Lease for Archimedes Pharma
International Pharmaceutical company makes its foray into U.S. with 14,000 s-f lease in Bedminster, N.J.
- Newark, NJ (1888PressRelease) August 28, 2010 - Archimedes Pharma, an international specialty pharmaceutical company, has leased 14,000 square feet at One Crossroads Drive in Bedminster, announced commercial real estate services firm Cushman & Wakefield, Inc. The long-term commitment marks the company's foray into the United States and follows an extensive site search in New Jersey and Pennsylvania; a BEIP grant from the New Jersey Economic Development Authority (NJ EDA) was the material factor in Archimedes Pharma's ultimate selection of the Garden State for its new office.
Cushman & Wakefield's Ron Ganter, Tom Giannone and Chris Kinum - all members of the firm's Global Life Science Practice Group based in East Rutherford, N.J. - represented Archimedes Pharma in the transaction. Cushman & Wakefield's Bill Brown and Josh Cohen, based in Morristown, N.J., served as representatives for property owner Spear Street Capital as exclusive leasing agents for One Crossroads Drive.
Archimedes Pharma maintains an established commercial organization in the United Kingdom, France, Germany, Ireland and Spain, and a portfolio of products marketed to specialist prescribers. The firm's lead product, PecFent®, is a fentanyl nasal spray being developed for breakthrough cancer pain and will be launched in Europe later this year. Archimedes Pharma is growing its commercial presence through the acquisition of pharmaceutical companies and brands, and through partnering with companies to drive sales of their innovative products. In parallel, Archimedes Pharma is developing a robust pipeline of novel near- and longer-term products.
"After an aggressive, six-month search for the right location, Archimedes Pharma found its U.S. home at One Crossroads Drive in Bedminster," Ganter said. "This is an exceptional, Class A property ideally situated within New Jersey's pharmaceutical life science corridor."
The NJ EDA awarded Archimedes a Business Employment Incentive Program grant for its commitment to add up to 75 new jobs in Bedminster. "We were able to work efficiently to secure the incentives, which ultimately enticed our client to choose New Jersey," Ganter said.
The Cushman & Wakefield team worked closely with Archimedes Pharma's Jeff Buchalter, president and chief executive officer, and Steve Kanovsky, in-house general counsel, during the assignment. Giannone and Buchalter maintain a long-term business relationship.
Cushman & Wakefield's Global Life Science Practice Group brings together brokerage specialists and consulting partners to address the unique strategic requirements of companies in the life sciences industry. Members of the group have developed broad expertise in the life sciences arena, demonstrating an understanding of the industry and its specific needs, how the industry interacts with government agencies for funding and incentives, and an ability to help clients identify and implement real estate solutions that support core financial and operating strategies.
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