KING OF PRUSSIA PA – O’Neill Properties Group, the development company that created the Gateway At Sanatoga retail center with Costco at the Sanatoga interchange of U.S. Route 422, has signed an agreement to buy 43 buildings with about 2.2 million-square-feet of office, lab, and warehouse space now owned by GlaxoSmithKline in Upper Merion PA (at top), the Philadelphia Business Journal reports.
The sale is part of a consolidation plan GlaxoSmithKline announced three years ago, the Journal noted. It will lease back a portion of the real estate that houses a sterile clinical manufacturing pilot plant. Terms were not disclosed.
The agreement is considered by some observers as favorable for O’Neill, which can take advantage of what is called the “clear demand” for laboratory space in the region. The property’s ready-made, move-in condition is expected to appeal to prospective tenants, according to the article by writers Natalie Kostelni and John George.
GlaxoSmithKline also maintains a significant presence in Collegeville, at 1250 S. Collegeville Rd.
Photo by Mark Kemper from Google Images