Cushman & Wakefield Inks Sale of Westchester Park to OSI
13 Aug, 2009, Ardsley
Cushman & Wakefield, Inc. announced today that a growing biotech firm, OSI Pharmaceuticals, Inc., has acquired Ardsley Park Science & Technology Center, the 43-acre former Purdue Pharma campus in the Town of Greenburgh's Ardsley section. The Westchester County site will serve as the company's new headquarters, with operations consolidated from locations in Melville and Farmingdale, N.Y.; Cedar Knolls, N.J.; and Boulder, CO.
Cushman & Wakefield's Tom Giannone, Chris Kinum, Ron Ganter and John Cahill - all members of the firm's Global Life Science Practice Group based in East Rutherford, N.J. - represented Purdue Pharma in the $27 million sale, along with Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz of the firm's East Rutherford-based Metropolitan Area Capital Markets Group.
Ardsley Park Science & Technology Center, located at 410-460 Saw Mill River Road, includes 400,000 square feet of existing office, laboratory and manufacturing space, as well as specialty pharmaceutical installations. The six-building campus originally was built for Ciba-Geigy in 1956, and that company occupied it through 1995. Purdue Pharma purchased the property in phases before vacating it in 2005 - at which time the company retained Cushman & Wakefield to market it.
"This campus benefits from its position within the northern cluster of the regional biotech corridor that stretches from Westchester County south to West Chester Township in Pennsylvania," Giannone said. "Still, as with any life sciences property, its highly specific infrastructure and technical build-out required just the right buyer, and finding the perfect mid-size biotech company had become increasingly challenging as economic conditions continued to deteriorate.
"Our partnership with Purdue in marketing this property has been persistent and consistent in seeking opportunities to present Ardsley Park to qualified buyers," he added. "Our efforts were rewarded upon meeting with OSI Pharmaceuticals. Despite significant competition, it became apparent that Ardsley Park met OSI's highly specific needs."
Cushman & Wakefield's Global Life Science Practice Group brings together brokerage specialists and consulting partners to address the unique strategic requirements of companies in the life sciences industry. Members of the group have developed broad expertise in the life sciences arena, demonstrating an understanding of the industry and its specific needs, how the industry interacts with government agencies for funding and incentives, and an ability to help clients identify and implement real estate solutions that support core financial and operating strategies.
The Metropolitan Area Capital Markets Group specializes exclusively in real estate sales, joint ventures and financing in Northern New Jersey, Fairfield County, Conn.; and Long Island and Westchester County, N.Y. The team has completed more than $13.6 billion worth of transactions since 2000. Over the past four years, this included an average of more than $1.5 billion annually, reaching $2.7 billion in 2007.