Wednesday, September 14, 2011

Teva Pharmaceuticals Closes on 138 Acres of Land in Philadelphia

"Highly Anticipated 1.2M SF HQ Complex to Break Ground
Teva Pharmaceuticals USA purchased 137.47 acres from J.G Petrucci Co., Inc. for approximately $40.59 million. The sale consisted of two parcels, 136 acres at 1 Red Lion Road and a 14,400-square-foot industrial building at 10098 Sandmeyer Lane, both located in Philadelphia. The sale was for the land only, and the purchase price included the approvals to develop a total of 2.2 million square feet of industrial space at the site.

Teva Pharmaceuticals is expected to break ground on Phase I of the project at the end of September. The 1.2 million-square-foot complex is expected to be completed by mid-2013. The single-story building will be built with a height of 125 feet. The complex is expected to have at least 500 employees within three years."

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