The Real Deal New York

Pharma company inks largest office lease in NJ this year

Teva Pharmaceuticals taking 360K sf at P3 Properties' Parsippany complex
By Eddie Small | July 23, 2018 05:00PM

MCC BLUE at 400 Interpace Parkway in New Jersey and Teva CEO Kare Schultz (Credit: Morris Corporation Center and Wikipedia)

Teva Pharmaceutical has inked a 360,000-square-foot lease at a P3 Properties office complex in New Jersey, the largest lease of the year for the state.

The company will be in the MCC BLUE office complex at 400 Interpace Parkway in Parsippany for 12 years, according to P3 Properties. Fred Hyatt, Frank Recine, Tim Greiner and Blake Goodman of JLL represented P3, while Dan Johnsen of Cushman & Wakefield represented Teva. Rent was in the upper $20s per square foot.

MCC BLUE, developed in 1984 by SJP Properties, consists of four buildings, and P3 Properties bought the complex in December 2017. The property is now 90 percent leased, up from 62 percent six months ago.

Teva received a 10-year, $40 million tax savings incentive from the state of New Jersey to move its headquarters from Pennsylvania to Parsippany-Troy Hills Township.

P3, headquartered in Livingston, owns and manages a total of 2.3 million square feet of real estate in New Jersey.