RK Pharma moves to IRG’s NY Center for Innovation
Firm leases entire 82,795-square-foot Building 215 at former Pfizer campus; plans pharmaceutical manufacturing facility
NEW YORK, March 8, 2019 — JLL announced a new transaction at the New York Center for Innovation at 401 North Middletown Road in Pearl River, N.Y. RK Pharma, which specializes in developing injectable and oral pharmaceuticals, signed a long-term lease for the entire 82,795-square-foot GMP formulations and manufacturing building. RK Pharma plans to bring approximately 100 jobs to the site.
Campus owner Industrial Realty Group and RK Pharma were represented by John Cunningham, executive vice president, with JLL’s Life Sciences Advisory.
“RK Pharma is an excellent addition to the scientific community on campus,” said John Mase, CEO of IRG. “The New York Center for Innovation has a deep history of excellence in research and development, and RK Pharma will continue that heritage into the site’s next chapter.”
“The New York Center for Innovation is the region’s premier campus environment providing first-class amenities, proximity to major roadways and public transportation and a highly skilled work force, which all create value for today’s life sciences and technology companies,” said Cunningham.
“Construction, certification and approval of a new drug product manufacturing facility typically takes three to four years, so leasing the Pearl River facility has allowed us to hit the ground running, saving us valuable time and money,” said Dr. Ravishanker Kovi, founder and executive chairman of RK Pharma.
IRG acquired the 1.993 million-square-foot, 207-acre campus at 401 North Middletown Road in Pearl River, N.Y., from Pfizer in late 2015. The purchase included laboratory, manufacturing, office and support buildings as well as a Central Utility Plant providing plentiful, economic and uninterrupted power, steam and chilled water. Pfizer maintains a strong presence on site.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the U.S. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing over 100 million square feet space in 28 states. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial real estate, solving some of America’s most difficult real estate challenges. For more information, visit: www.industrialrealtygroup.com