Mail-Order Pharmacy Takes 51,000 SF in Bucks County

TREVOSE, PA-ESI Mail Pharmacy Service, which does business as Express Scripts, has signed an 11-year lease for 51,000 sf in Bucks County Technology Park. This agreement takes occupancy in the 364,000-sf building at 4800 Street Rd. to 96%.

The aggregate value of the transaction is undisclosed. Doug Newbert, senior director of the Wayne office of GVA Smith Mack, tells GlobeSt.com the asking rental rate in the facility is $18.50 per sf. Newbert and Taylor King, an associate in the same office, represented the owner. Brokers in the King of Prussia office of Grubb & Ellis represented the tenant, which is relocating operations from Bensalem.

The building owner, ASI, which is identified as 4800 Street Road LP, is a printing company and owner/user. It occupies approximately half of the building, which was completed in 1980.

St. Louis-based Express Scripts has administrative offices in Minnesota, Arizona, New Jersey and Florida in addition to Pennsylvania. It also has pharmacy and customer service operations in 10 US states and in Quebec and Ontario, Canada.