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Deals & Dealmakers

Pharma giant to take redeveloped former Avaya Campus in Jersey

Rubenstein Partners, together with its partner Onyx Equities, announced a 305,000 s/f long-term lease with Daiichi Sankyo, Inc. at 211 Mount Airy Road in Basking Ridge, NJ.
Daiichi Sankyo plans to relocate its U.S. headquarters to Basking Ridge and occupy this three-building former Avaya campus in its entirety.

“This is an exciting transaction and we’re pleased to welcome Daiichi Sankyo to the property,” said Stephen Card, principal and the regional director of Mid-Atlantic for Rubenstein Partners.

“We continue to believe there is demand for high-quality, Class A, amenitized office space in established suburban markets with access to a highly educated workforce. In this case we took a well-located but older-vintage office building and transformed it into a beautiful workspace with powerful appeal to modern tenants.”

Affiliates of Rubenstein and Onyx acquired 211 Mount Airy Road from Avaya in 2013.
Following the acquisition, the partnership created a redevelopment plan to thoroughly modernize the early 1980’s vintage building in the desirable suburban office submarket.

Among other things, the partners decided to replace the existing concrete skin with a contemporary glass curtainwall system that will introduce much more light into tenant space.
“When Onyx and Rubenstein purchased 211 Mt Airy Road and decided to transform it into one of the best suburban office buildings in New Jersey, we were convinced that a great multinational company would identify our commitment to quality,” said DJ Venn, senior vice president of asset management for Onyx Equities.

“We are proud that Daichi Sankyo recognized this outstanding property as its new home.”
211 Mount Airy Road features headquarters-quality amenities, including a full cafeteria and state-of-the-art fitness facilities. The property also features a 127-seat auditorium and conference center on-site.

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