With the Israeli pharmaceutical company Teva set to move its U.S. headquarters from North Wales to Parsippany, New Jersey, plans for its properties in the Philadelphia suburbs remain uncertain.
The company has leases on three buildings in North Wales, which are owned by Nappen & Associates, writes Natalie Kostelni at bizjournals.com.
David Barnhart of Nappen said he doesn’t yet know exactly what Teva’s plans are for the three buildings, with the real estate company though he expects it to have less office and more distribution space. Teva started out about 40 years ago in about 25,000 square feet that Nappen owned in the Harleysville area. That’s when the company acquired Lemmon, a pharmaceutical company based in Montgomery County.
Teva’s North Wales-area properties are located at 1090 Horsham Road, a 295,953-square-foot building of which most is distribution space and about 120,400 square feet serves as executive offices for its North American headquarters; 1070 Horsham Road, which totals 164,761 square feet and is office space; and 111 New Britain Blvd. in Chalfont, which is a 228,360-square foot distribution center.
To read the full story, click here.