Rising Pharmaceuticals Inc. recently moved into a new 37,000-square-foot headquarters space at 250 Pehle Ave. in Saddle Brook — Courtesy: Cushman & Wakefield
By Joshua Burd
A pharmaceuticals firm has taken a full floor at a Saddle Brook office building as part of a relocation of its global headquarters, according to brokers involved in the deal.
The tenant, Rising Pharmaceuticals Inc., has leased 37,000 square feet at Plaza I of the Park 80 West complex at 250 Pehle Ave. The deal follows the completion earlier this year of an $11 million capital improvement at the property, which spans more than 511,600 square feet across two office buildings and is owned by CBRE Strategic Partners U.S. Value 7.
“We’re thrilled that Rising Pharmaceuticals has selected Park 80 West as its global headquarters, following its extensive multimarket search,” said Mark Zikakis, senior managing director of CBRE Global Investors. “This world-class company’s commitment to Park 80 West is a testament to the community that we’ve created here since re-introducing the property to the northern New Jersey market.
“Our team has worked hard to create a truly cutting-edge environment that helps our tenants attract and retain great talent.”
Cheryl Hardt and Donald Sperling of CBRE serve as the leasing agent for Park 80 West on behalf of the landlord, which is a fund sponsored by CBRE Global Investors. Ben Brenner and Todd Efland of Cushman & Wakefield represented Rising Pharmaceuticals.
The upgrades at Park 80 West include interior renovations designed by Gensler and exterior upgrades designed by G3 Architecture. The improvements have led to a new façade and framing on the exterior of Plaza I, including the addition of double-pane windows, new LED lighting throughout the property, an upgraded management office and improved access between the buildings and parking garage.
Other new features reflect CBRE Global Investors’ 5-Star Worldwide service and amenity program, which includes collaborative lounge spaces, a multipurpose meeting room and a full-service catering kitchen, according to a news release. The building also includes a refurbished fitness facility, with new athletic equipment, a group fitness studio and locker rooms.
“CBRE Global Investors has demonstrated its commitment to maintaining Park 80 West’s status as a world-class office facility and, as a result, we’re seeing strengthened tenant commitment to the property,” Hardt said. “We’re excited to have Rising Pharmaceuticals join the Park 80 West community, and we expect to see continued tenant interest.”
The company, a subsidiary of ACETO Corp., relocated to the space from Allendale to accommodate its continued growth, according to C&W. The new facility houses the marketing and distribution departments for the generic prescription drug maker.
“Rising Pharmaceuticals wanted to capitalize on its growth and lease expiration to leverage it as an opportunity to establish a modern, contemporary work environment for its employees,” Brenner said. “After a multimarket site search, Park 80 West became the clear favorite … (and) this transaction reinforces the fact that commercial property owners who reposition their assets into state-of-the-art, forward-thinking office environments are undoubtedly best positioned to secure (New Jersey’s) most exciting companies.”
Other improvements by CBRE Global Investors include free WiFi throughout the common spaces, enhanced food services with a rotating schedule of indoor gourmet food trucks and available fitness classes.
“The recent building improvements have significantly enhanced the work atmosphere and experience offered at Park 80 West, providing our tenants with a roster of the modern features and amenities that are sought after by today’s workforce,” Sperling said.
