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News release

HAMPTON ROADS, VA

JLL Negotiates Sale of 219-Acre Campus to China-based Pharmaceuticals Manufacturer

UniTao Pharmaceuticals Purchases Boehringer Ingelheim Plant in Petersburg, VA


HAMPTON ROADS, VA, NOV. 3, 2014 - JLL announced today it supported Boehringer Ingelheim in the sale of its 219-acre campus in Petersburg, Va. to UniTao Pharmaceuticals LLC, a subsidiary of Shanghai-based Tenry Pharmaceutical Co., Ltd.

The Boehringer Ingelheim group, one of the world’s 20 leading pharmaceutical companies, hired JLL to sell the world class, multi-purpose pharmaceutical production campus earlier this year. The family-owned firm developed the campus, located at 2820 N. Normandy Drive in Petersburg, Va., for the manufacture of Active Pharmaceutical Ingredients (API) for human, veterinary and clinical research use.

The Boehringer Ingelheim group was represented by Erin Corrie and Gregg Christoffersen from JLL’s Hampton Roads office, JLL life sciences expert Peter Ladas, Jimmy Appich from JLL’s Richmond office and Andrew Jones from JLL’s Washington, DC office.

"This was a cross-platform, cross-market assignment with a global reach," said Corrie. "This is exactly the kind of assignment that showcases the capabilities of JLL."

Virginia Governor Terry McAuliffe announced Thursday that the project would bring 376 new jobs to the City of Petersburg. The Virginia Economic Development Partnership worked with the City of Petersburg to secure the project for Virginia, and Governor McAuliffe approved a $1 million grant from the Governor’s Opportunity Fund to assist Petersburg with the project.

Governor McAuliffe met with company officials in Shanghai, China during his Asia Marketing Mission to help lure the company to Petersburg. Virginia successfully competed against California and China for the project, The Boehringer Ingelheim group invested more than $150 million in the 85-acre site since it started developing the plant in 2008. UniTao Pharmaceuticals LLC, which manufactures active pharmaceutical ingredients, will invest $22.5 million in the facility to establish its operations at the site.

Located near the Norfolk Southern Rail Intermodal Facility, the campus is suited for large-scale, bulk production of API’s for generics, nutriceuticals, specialty chemicals, drug/product intermediates and other organic synthesis operations. The sale includes administrative, maintenance, safety and warehouse facilities on-site, including 15 offices and 73 work stations, clinic, fitness center and cafeteria. The offering also included 190 total acres for potential expansion.

Tenry, founded in 2005, is a Chinese firm engaged in R&D, manufacturing, and sales of pharmaceutical drugs, active pharmaceutical ingredients (APIs), dietary supplements and food additives.

Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program. The company will also be eligible to receive a Major Business Facility Job Tax Credit, as well as sales and use tax exemptions on manufacturing equipment.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.