JLL announced a new transaction at the New York Center for Innovation at 401 North Middletown Road in Pearl River, NY.
RK Pharma, which specializes in developing injectable and oral pharmaceuticals, signed a long-term lease for the entire 82,795 s/f GMP formulations and manufacturing building. RK Pharma plans to bring approximately 100 jobs to the site.
Campus owner Industrial Realty Group and RK Pharma were represented by John Cunningham, executive vice president, with JLL’s Life Sciences Advisory.
“RK Pharma is an excellent addition to the scientific community on campus,” said John Mase, CEO of IRG. “The New York Center for Innovation has a deep history of excellence in research and development, and RK Pharma will continue that heritage into the site’s next chapter.”
“The New York Center for Innovation is the region’s premier campus environment providing first-class amenities, proximity to major roadways and public transportation and a highly skilled work force, which all create value for today’s life sciences and technology companies,” said Cunningham.
“Construction, certification and approval of a new drug product manufacturing facility typically takes three to four years, so leasing the Pearl River facility has allowed us to hit the ground running, saving us valuable time and money,” said Dr. Ravishanker Kovi, founder and executive chairman of RK Pharma.
IRG acquired the 207-acre campus at 401 North Middletown Road in Pearl River, NY, from Pfizer in late 2015.
The purchase included laboratory, manufacturing, office and support buildings as well as a Central Utility Plant providing plentiful, economic and uninterrupted power, steam and chilled water. Pfizer maintains a presence on site.