125 Algonquin Pkwy. in Whippany — Courtesy: Avison Young/CoStar
By Joshua Burd
A technology firm serving the life sciences sector has leased 50,000 square feet at a pharmaceutical packaging facility in Morris County, brokers with Avison Young said.
The tenant, ComboCap Inc., signed a sublease and an additional direct lease for the space at 125 Algonquin Pkwy. in the Whippany section of Hanover. The global technology company, which serves the nutraceutical, pharma and biopharma industries, will use the building as a manufacturing facility to encapsulate what it describes as nutra-pharma products.
An Avison Young team including Senior Vice President Matthew C. Turse, Senior Vice President Timothy J. Cadigan and Associate John Recchia brokered the transaction. Jeffrey L. Heller, the firm’s principal and managing director in New Jersey, noted that the team represented both the tenant and the sub-landlord, Aphena Pharma Solutions, in negotiations.
Kushner Cos. owns the 71,000-square-foot pharma packaging facility.
“The 125 Algonquin site checked all the boxes for ComboCap Inc., having previously been a pharma packaging facility, with enough room to accommodate for future expansion,” Turse said. “Avison Young’s understanding of the market conditions in the Eastern Morris Industrial market served the tenant, sub-landlord and landlord and all were confident the team would negotiate a deal with favorable terms for all involved.”
Turse said ComboCap was in need of a space to serve as a U.S. base of operations and manufacturing facility that provided packaging capabilities as well as storage and inventory. The site is the first facility that ComboCap will be running and managing directly after previously outsourcing its manufacturing.