C&W announces Summit laboratory sale.

Andrew J. Merin, executive director of Cushman & Wakefield's New Jersey Financial Services Group, announced the sale of the 1.8 million-square-foot Summit Research and Office Campus to Schering-Plough Corporation on behalf of Novartis Pharmaceuticals Corporation. Cushman & Wakefield received the assignment to market the property for sale in July 1999 and acted as Novartis' exclusive representative in the transaction. Christopher E. Kinum, principal of The Garibaldi Group of Chatham Twp., N.J., represented Schering-Plough in the sale.

Merin, who headed up the Cushman & Wakefield team comprised of leasing, financial consulting and project development specialists, said the transaction represents the largest sale in New Jersey this year to date.

Through a leasing agreement with Schering-Plough, Novartis will continue to occupy the 88-acre research and development, laboratory and office complex through March 2003, until it completes a large expansion of its East Hanover headquarters.

During this period, Schering-Plough will begin selected renovations to the Summit facility in preparation for its occupancy and, subject to local approval, will begin construction of a new safety evaluation facility.

Located at the intersection of Morris Avenue and River Road in Summit, less than one mile from the Short Hills/Summit Interchange with Route 24, the campus has operated since 1937. It was originally developed by Ciba Pharmaceutical Products, and has historically been involved in a broad range of R&D and production activities. Ciba-Geigy and Sandoz Pharmaceutical Corporation merged to form Novartis Pharmaceuticals Corporation in January 1997. The research buildings at the site have received six awards for excellence from organizations including Research & Development Magazine, The New Jersey Chapter of American Concrete and Aggregate Concrete, the Summit Area Development Corporation, the Association of General Contractors and the New Jersey Planning Officials.