Meda Extends US HQ Lease

SOMERSET, NJ-Formerly known as MedPointe, Meda Pharmaceuticals–which specializes in cough-cold products, among others–has occupied space in the building here at 265 Davidson Ave. for six years and subsequently extended their remaining two for an unspecified period of time. When contacted, Meda would not disclose the terms or length of the lease.

Real Estate Strategies Corp. president and CEO Andrew Zezas, SIOR, represented Meda in the transaction, while GVA Williams represented building owner Koll Bren Fund. The fund is managed by KBS Realty Advisors.

“Meda Pharmaceuticals’ management team sought an opportunity to protect the company against the current downward trending economy and recognized the opportunities associated with renegotiating their US headquarters lease,” says Zezas. “We partnered with Meda’s management team to plan and execute a real estate transaction that would be aligned with the company’s financial and operational objectives, and as a result, we achieved substantial seven-figure net present value financial benefits for Meda.”

Built in 1985, the building is situated on 15 acres with easy access to the New Jersey Tpke. and Garden State Pkwy. Meda currently occupies floors three and four of the four-story, 178,000-square-foot class A property, whose other tenants include architectural firm Greenberg Farrrow and retailer/wholesaler Thermo Finnigan Corp. While the company would not release specific financial details, annual rents range from $17 per square foot to $22.50 per square foot.