MORRIS COUNTY — Teva Pharmaceuticals USA recently took home United Way of Northern New Jersey’s 2019 Impact Award as the region’s commercial real estate project with the greatest positive impact for moving its U.S. headquarters from Pennsylvania to New Jersey.
The award was announced May 10 during the 19th annual United Way Commercial Real Estate Network Legacy Luncheon, a fundraiser attended by 500 leading commercial real estate industry professionals with keynote speaker Marni Walden, a 20-year wireless industry veteran and former Verizon Communications Inc. top media executive.
Finn Wentworth, founder and partner of Normandy Real Estate Partners, was also honored at the event as the recipient of the United Way Spirit Award. The award honors an individual from the commercial real estate industry whose actions reflect the values of United Way.
Due to the industry’s support of the luncheon, including Gold sponsors JLL, Mack-Cali Realty Corporation, Normandy Real Estate Partners, Turner Construction Company and WB Wood, United Way raised an estimated $290,000 for its work to improve life for ALICE (Asset Limited, Income Constrained, Employed) individuals and families who are working but struggling to afford the basics. Since 2000, the commercial real estate industry has helped to raise more than $2.9 million for United Way.
“We appreciate the longstanding support and generosity of this industry, which has helped put ALICE individuals and families on a path to financial stability,” said United Way Senior Vice President for Resource Development Theresa Leamy. “United Way also congratulates the Teva team for its commitment to retaining and creating jobs, providing a competitive workplace and having a positive impact on the local economy.”
Following upgrades to its Parsippany campus, Teva chose to stay in New Jersey and expand its operations by signing a long-term, 345,000-square-foot lease—the state’s largest in 2018. The lease will see the global generic drug maker move its U.S. headquarters from Pennsylvania to 400 Interpace Parkway, Parsippany, as it consolidates its operations into a more centralized location. The move is expected to bring more than 840 jobs to New Jersey while retaining some 230 existing positions. Sustainable features such as electric vehicle charging stations, white reflective roofs, HVAC upgrades and a main atrium with energy-efficient LED lighting were key to securing Teva’s re-commitment and expansion.
The winning team includes the landlord P3 Properties; tenant Teva Pharmaceuticals USA; brokers Cushman & Wakefield and JLL; architect and contractor Unispace; landlord law firm Drinker Biddle & Reath LLP; and engineer AMA Consulting Engineers, P.C.
The four other finalists for the award were Kindred/Atlantic Health System Rehabilitation Institute; Mack-Cali Realty Corporation’s Suburban Portfolio Transformation; Ralph Lauren Nutley Campus; and Verizon Global Headquarters Campus.
For more information about the United Way Commercial Real Estate Network or to support its mission, email Theresa.Leamy@UnitedWayNNJ.org or call (973) 993-1160, x105.