Pharmaceutical giant Pfizer Inc. has sold the Madison office campus that once housed its former animal health unit, brokers involved with the deal said Tuesday.
The 463,000-square-foot property at 5 Giralda Farms was acquired by Lincoln Equities Group and a group of private investors led by Lakestar Properties, according to brokerage firm Jones Lang LaSalle. The real estate firm, which represented Pfizer, also arranged nearly $70 million in financing for the buyers from NorthStar Realty Finance.
Exact terms of the deal were not disclosed.
Following the acquisition, Lincoln Equities tapped JLL as co-leasing agent for the property, the brokerage said in a news release. The 50-acre property has been vacant since the end of last year, but Daniel Loughlin, an international director for JLL, said the firm "developed significant user (and) tenant interest during the sale process."
Zoetis, the former Pfizer animal drug unit that spun off from the company in 2012, has since relocated to Florham Park.
The Giralda Farms building, which is located in the Route 24 Morris County submarket, was built in 1992 as the worldwide headquarters of American Home Products, the news release said.
Pfizer was represented by JLL Managing Director Joseph Garibaldi, Vice President Thomas Walsh and Loughlin, the news release said. Lincoln Equities was represented in-house by Joel Bergstein, president, and Mark Lipner, director of acquisitions.
JLL Executive Vice President Dustin Stolly and Vice President Aaron Niedermayer arranged financing for the buyer.