Newmark Grubb Knight Frank (NGKF) 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 s/f property at 5 Giralda Farms for a 13-year term.
Allergan, the company behind Botox, Juvéderm, Restasis and other pharmaceutical products, received over $58 million in state incentives as part of the Grow New Jersey program, and worked 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 Giralda Farms office campus in Madison.
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 amenities include six large conference facilities, a 345-seat dining room, and 15,000 s/f fitness center with a full basketball court. Additional investment into the existing building will exceed $100 million.
“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.