Newmark Grubb Knight Frank (NGKF) today announced that global pharmaceutical giant Allergan plc (Allergan) has relocated its U.S. headquarters to Madison, New Jersey, in the largest lease in New Jersey of 2016 thus far. Allergan leased the entire 431,495-square-foot property at 5 Giralda Farms for a 13-year term.
Allergan, the company behind Botox®, Juvéderm®, Restasis® and other leading pharmaceutical products, received over $58 million in state incentives as part of the Grow New Jersey program, and worked closely with the mayor of Madison, Robert Conley, and Ray Codey Borough Administrator, to allow for an above grade parking garage for the facility. The move to 5 Giralda Farms will consolidate three of Allergan’s existing New Jersey office facilities in Parsippany, Bridgewater and Jersey City, bringing 1,800 employees together in one state-of-the-art headquarters.
Owned by a Lincoln Equites Partnership, 5 Giralda Farms is comprised of a modern corporate headquarters facility located on 50 acres at the prestigious Giralda Farms office campus in Madison, New Jersey. Formerly the Dodge Estate, Giralda Farms has served as a headquarters location for other global corporations, including Maersk, Quest Diagnostics, Prudential and Schering Plough. Prior to 5 Giralda Farms’ recent repositioning, the building was previously occupied by Pfizer as its U.S. headquarters. In addition to the main building, the property offers an on-site daycare facility and carriage house, which can be used for additional meeting space and entertaining. The main building’s exceptional amenities include six large conference facilities, a 345-seat dining room, and 15,000-square-foot fitness center with a full basketball court. Additional investment into the existing building will exceed $100 million. The property is minutes away from the Madison train station and the Morris Turnpike, offering direct access to Morristown and other critical areas of Northern New Jersey.
“We are pleased to welcome a renowned global corporation like Allergan to our tenant roster at Giralda Farms,” said Joel Bergstein, president of Lincoln Equities Group. “Allergan’s move will bring substantial growth to Madison and keep over 1,800 jobs here in New Jersey.”
“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,” said David Simson, vice chairman at NGKF who represented Lincoln Equities Group in the transaction. “The extensive repositioning that Lincoln Equities completed at 5 Giralda Farms made it an ideal location for a world-class corporate tenant like Allergan.”
JLL’s Daniel J. Loughlin, international director, and Jodie E. Mathews, vice president, represented Allergan in the transaction.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.