PEARL RIVER—Officials with Hudson Valley iCampus, reported on June 28 it had signed a new lease with Strides Pharma, Inc., consisting of 57,197 square feet of warehouse space for chemical storage.
The lease includes the entirety of buildings 170 and 170B on the 207-acre campus in Pearl River. Building 170 is a 28,000-square-foot warehouse building with such features as 22-foot clear heights, a large chill room and 10 loading docks. Building 170B is a connected 35,000-square-foot high bay warehouse that offers 55-foot clear heights.
Strides Pharma, Inc. headquartered in East Brunswick, NJ, specializes in soft-gel capsules (SGC), oral solids, modified releases, topicals and liquids. It also produces high competition products with benefits of a fully integrated value chain.
James F. Schroeder of Jones Lang LaSalle represented Strides Pharma, Inc. Robert Lella, Sheena Gohil and Charles Hatfield of Colliers International and Jamie Schwartz, President of Hudson Valley iCampus, represented ownership.
“We are pleased that we were able to complete this lease transaction with Strides and sincerely thank everyone who was involved in making it happen. Our negotiations started at a time when there were genuine fears of a long recession and other economic headwinds,” said Schwartz. “Despite the slowdown in leasing for other types of commercial real estate, we continue to have a strong pipeline of lease deals, some of which are also close to being signed.”
Strides Pharma made headlines in October 2021 when it was announced that it would expand its manufacturing and marketing operations from New Jersey and Florida to Chestnut Ridge. Strides acquired and built out the former Endo Pharmaceutical plant, thereby retaining more than 215 of its employees. The deal announced by New York Gov. Kathy Hochul would also involve the hiring of an additional 40 workers and an investment of more than $42 million over a span of the next few years to manufacture both brand-name and generic drugs for its own distribution and marketing as well as for others as a contract manufacturer.
Strides Pharma Science Limited, the parent company of Strides Pharma, Inc., is a pharmaceutical company with a major focus on development and manufacture of technology-led finished dosage formulations. The company is also among the world’s largest manufacturers of soft gelatin capsules.
Hudson Valley iCampus is a 2-million-square-foot, mixed-use, multi-tenanted property on 207 acres located at 401 North Middletown Road in Pearl River. The property’s tenant roster of companies includes: Pfizer, Inc., Sanofi US Services, Inc., Momentive Performance Materials, Auro Vaccines LLC and Strides Pharma, Inc., It has become one of the top destinations in the New York Tri-State area for life sciences, bio-med/tech, manufacturing, and warehouse tenants.
Hudson Valley iCampus is owned by Industrial Realty Group, LLC, (IRG), nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate solving some of America’s most difficult real estate challenges. IRG owns more than 100 million square feet in 31 states. The property is managed by IRG’s wholly-owned affiliate, IRG Realty Advisors, LLC.
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