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GlobeSt.com EXCLUSIVE: Adams Respiratory Therapeutics Signs HQ Lease
By Eric Peterson
Last updated: January 10, 2006 08:17am
CHESTER, NJ-WR&E Development LLC, a new venture made up of executives of the Morristown-based Walsh Co. LLC, has acquired the 2 & 4 Mill Ridge Lane office building here, and has simultaneously signed a tenant for the entire 32,000-sf asset, GlobeSt.com has learned. That new tenant is Adams Respiratory Therapeutics, a nine-year-old company that makes and markets Mucinex brand cough medicines.
The acquisition was the first by WR&E, which is headed by partners Ed Walsh, Patrick Eichner and Chris Richter, all of the Walsh Co., a real estate and project management firm. The shell building was acquired from KJW Development Co., a locally based firm represented in-house by Tim Conklin. KJW had begun construction of the asset last year on a speculative basis. Financing was arranged by Jim Gunning of LJ Melody & Co. The broker for the subsequent lease transaction with Adams was Matt McDonough of Trammell Crow. Neither the sale price nor the terms of the lease were disclosed.
For Adams, which went public just this past July and has a market cap of $1.4 billion, the deal marks the second HQ move in less than two years. The company moved from its original home base in Fort Worth in April 2004 to the 13,000-sf facility at 425 Main St. here, about a mile down the road from 2 & 4 Mill Ridge.
“We realized that we had to be in New Jersey because of the dearth of pharmaceutical talent in Texas,” Walter Riehemann, Adams’ EVP and chief legal and compliance officer, tells GlobeSt.com. “It’s easier to recruit and retain people here.”
And Adams’ HQ move might involve more than the 32,000-sf 2 & 4 Mill Ridge. “We haven’t made a decision yet, but we may keep some of the existing space,” Riehemann says. “But very simply, we’ve outgrown our current facility. The number of people we’ve brought in since we moved here has exceeded our expectations.”
The latest sale and lease transactions continue a relationship that began when Walsh did Adams’ build-out at 425 Main St. in 2004. And that relationship will continue with Walsh similarly building out the shell at 2 & 4 Mill Ridge for an occupancy slated by April 1. Tenant improvements to the building are projected to be in the $2-million range, according to Eichner.
And WR&E has a second project in the works, Eichner tells GlobeSt.com. “We plan to develop a 20,000-sf medical office building in Florham Park. We expect to start construction in the summer of 2006.”
GlobeSt.com EXCLUSIVE: Adams Respiratory Therapeutics Signs HQ Lease
By Eric Peterson
Last updated: January 10, 2006 08:17am
CHESTER, NJ-WR&E Development LLC, a new venture made up of executives of the Morristown-based Walsh Co. LLC, has acquired the 2 & 4 Mill Ridge Lane office building here, and has simultaneously signed a tenant for the entire 32,000-sf asset, GlobeSt.com has learned. That new tenant is Adams Respiratory Therapeutics, a nine-year-old company that makes and markets Mucinex brand cough medicines.
The acquisition was the first by WR&E, which is headed by partners Ed Walsh, Patrick Eichner and Chris Richter, all of the Walsh Co., a real estate and project management firm. The shell building was acquired from KJW Development Co., a locally based firm represented in-house by Tim Conklin. KJW had begun construction of the asset last year on a speculative basis. Financing was arranged by Jim Gunning of LJ Melody & Co. The broker for the subsequent lease transaction with Adams was Matt McDonough of Trammell Crow. Neither the sale price nor the terms of the lease were disclosed.
For Adams, which went public just this past July and has a market cap of $1.4 billion, the deal marks the second HQ move in less than two years. The company moved from its original home base in Fort Worth in April 2004 to the 13,000-sf facility at 425 Main St. here, about a mile down the road from 2 & 4 Mill Ridge.
“We realized that we had to be in New Jersey because of the dearth of pharmaceutical talent in Texas,” Walter Riehemann, Adams’ EVP and chief legal and compliance officer, tells GlobeSt.com. “It’s easier to recruit and retain people here.”
And Adams’ HQ move might involve more than the 32,000-sf 2 & 4 Mill Ridge. “We haven’t made a decision yet, but we may keep some of the existing space,” Riehemann says. “But very simply, we’ve outgrown our current facility. The number of people we’ve brought in since we moved here has exceeded our expectations.”
The latest sale and lease transactions continue a relationship that began when Walsh did Adams’ build-out at 425 Main St. in 2004. And that relationship will continue with Walsh similarly building out the shell at 2 & 4 Mill Ridge for an occupancy slated by April 1. Tenant improvements to the building are projected to be in the $2-million range, according to Eichner.
And WR&E has a second project in the works, Eichner tells GlobeSt.com. “We plan to develop a 20,000-sf medical office building in Florham Park. We expect to start construction in the summer of 2006.”
posted by Jones Lang LaSalle NJ News Blog at 10:51 AM
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