Novartis’ multi-building campus occupies 162 acres in Rockland County that includes high-capacity pharmaceuticals factories.
Cushman & Wakefield boasted that the Suffern campus is considered one of the nation’s top 10 pharmaceutical manufacturing and packaging plants by volume, capable of producing billions of caplets and capsules per year.
“For a pharmaceutical company, this offering would be very attractive because of all the equipment that is still in place and operating,” said Andrew Merin of Cushman & Wakefield of New Jersey. “Currently, there are no operational facilities like this one available in the tri-state area. The cost to construct a similar campus would likely exceed $400 million.”
The site consists of three interconnected buildings totaling 585,000 square feet on 162 wooded acres, including a 55,000-square-foot office building featuring a 7,000-square-foot cafeteria, conference and meeting rooms and analytical laboratories.
The Basel, Switzerland-based Novartis announced in January that it would eliminate or transfer 525 jobs at its plant, demolish its buildings and sell the property by around 2017.
The company said the plant closure results from declining sales of its drug Diovan, whose patent expired in the U.S. in 2012.
The Suffern plant closure will cost taxpayers about $4 million in lost annual property taxes, along with lost local spending by Novartis employees.