Cole Real Estate Investments (Cole), on behalf of its HPFVI fund, announced this month that it had acquired 8 Sylvan Way, a 176,000 square-foot office property in Parsippany, NJ, for $53 million in an all-cash deal. The Hampshire Companies sold the property in a deal brokered by CBRE. The Hampshire Companies redeveloped the property in 2009, including a new design by the architectural firm HLW, and repositioned the property as one of Morris County's leading "trophy quality" office buildings according to an article from The Paramus Post.
"With the location of the property, long remaining lease term, scheduled rent increases and desirable corporate headquarters, this acquisition corresponds with our overall conservative, disciplined investment strategy," said Robert Micera, chief investment officer, office and industrial, for Cole. "The Morris County, New Jersey, office submarket boasts great fundamentals, considering its strong economic base and educated workforce, and we are pleased to add The Medicines Company headquarters to our growing portfolio of corporate real estate."
The property serves as The Medicines Company's global headquarters with approximately 12 years remaining on the current lease term, with two five-year renewal options. The Medicines Company is a global pharmaceutical company focused on advancing the treatment of critical care patients in a hospital setting.
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