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500 Commack officialy up for sale

Discussion in 'Forest Laboratories' started by Anonymous, May 17, 2014 at 10:02 AM.

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  1. Anonymous

    Anonymous Guest

    http://www.newsday.com/business/forest-laboratories-selling-commack-building-1.8042712



    Drugmaker Forest Laboratories Inc. is selling its cavernous building in Commack, a company official confirmed.

    The Manhattan-based maker of branded-prescription medicines used to treat Alzheimer's disease, depression and other ailments has put 500 Commack Rd. on the market for $45 million, according to an advertisement from brokerage CBRE.

    The move comes after Forest has spent millions of dollars to convert the building from a packaging plant to offices and labs, as part of a consolidation of nine properties in Suffolk County. Work on the conversion was recently stopped.

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    Forest agreed in February to be purchased by another industry leader, Actavis Plc of Dublin, Ireland for $25 billion.

    "Following a full evaluation of our space requirements on Long Island, and taking into consideration recent head-count changes and cost reduction objectives, Forest has made the decision to exit our 500 Commack Rd. facility by about spring of 2015," company spokeswoman Amanda Kaufman said Thursday night.

    She said 100 people work in the building and its sale "does not have any impact on head count nor is it indicative of any future plans related to employment."

    Forest has more than 600 workers locally out of 5,800 across the globe. In December 2013, the company embarked on a "rejuvenation" plan that officials said would reduce its Suffolk payroll between 10 and 20 percent.

    The Commack Road building, near Northern State Parkway, is more than 400,000 square feet and sits on 33.8 acres, the sale listing states.

    The building may be one of the largest industrial properties in Suffolk to come on the market in recent years, said Jack O'Connor, a principal at the Melville office of brokerage Newmark Grubb Knight Frank.

    "A space that size is probably going to be difficult for a Long Island user," he said, adding there was little interest from local companies in a couple of 100,000-square-foot industrial properties he is representing in Hauppauge. "I would think it would have to be a developer coming in to rehab the building and convert it into office space or multitenant space."

    Besides the Commack Road building, the drugmaker owns two other offices in Commack and two in Hauppauge.

    The spokeswoman said Friday that Forest sold a another 180,000-square-foot building, also in Commack, in the past year. That space had been rented to other businesses.

    Forest sought help from governments in 2010-11 to consolidate its operation. The $40-million plan was backed by $3.3 million in tax credits from New York State, and $2.2 million in tax breaks from Suffolk. In return, Forest promised to add 10 jobs.

    Anthony J. Catapano, acting director of the county's industrial development agency, said Friday it would "review all options . . . which could include benefits recapture."
     
  2. Anonymous

    Anonymous Guest

    Let the games begin! The slaughter is starting!
     
  3. Anonymous

    Anonymous Guest

    The morons running Forest pissed away MILLIONS on that building, all the while knowing the company would be sold and no one would ever move in to it. Just a scam to keep themselves employed. They also pissed away millions on outsourcing the I.T. department. Forest is dead. Moreland's lease is up, Farmingdales lease is up. This is not a merger, it is a buyout.
     
  4. Anonymous

    Anonymous Guest

    Did you look at the proposed leadership team? Many of the Forest folks will be in top spots...
     
  5. Anonymous

    Anonymous Guest

    Right On, makes you wonder if management had some vested interest in all those lucrative deals with the ontractors. All that wasted money could have been invested towards new product development.

    That site in Commack will probably end up being razed as the 'island' is in economic disaster unless you work for the county or a town. Sky high taxes make it unsuitable for any NON-Government business.
     
  6. Anonymous

    Anonymous Guest

    No one running the project had anything to do with project closure, morons in executive management kept whole team in dark, Farmingdale lease is for a few more years. No Forest personnel benefitting from project. Just contractors taking advantage of FRX confusion.
     
  7. Anonymous

    Anonymous Guest

    Stop it with this shit, please.

    They will be Actavis folks once the deal is done. Past allegiance means jack shit.
     
  8. Anonymous

    Anonymous Guest

    The Forest FMs will be winners as Actavis doesn't have the management team in US that the DMs provide. Biggest losers are the reps who faked the calls, worked short days, and generally milked the system
     
  9. Anonymous

    Anonymous Guest

    Agree. with so many fake calls the DMs are overwhelmed with damage control, they know how the 'game' is played by the lazy reps. So the DMs will be spared to straighten out the mess the reps created. Only the Pclubbers will be safe, in my opinion.
     
  10. Anonymous

    Anonymous Guest

    AHAHAHHAah

    Really?

    Keep on believing that. The "Pclubbers" will be on the same list as everyone else, whatever consulting company that was hired will cut them just the same.
     
  11. Anonymous

    Anonymous Guest

    Pclubbers are safe. I made the P Club in 2012 and my DM was very happy for me. I believe I am immune to any layoff as she stated I have the top ranking. Don't go spreading false info.
     
  12. Anonymous

    Anonymous Guest

    Right on my fellow rep. Unless you get caught faking a call your PClub selection gives you job security. Congrats on making it in 2012.
     
  13. Anonymous

    Anonymous Guest

    So sorry to see Commack close. This will hurt LI and put more good people on the unemployment lines. Newsday article depressing to read. I remember all the fanfare when Forest bought the site and made all the announcements about the new jobs and opportunities. Seems like it was just yesterday.

    Rumor has it that Dept of Homeland Security may buy the site and use for campus site for training. That would at least bring in new jobs.
     
  14. Anonymous

    Anonymous Guest

    More big government from our Socialist leadership. Hey, who would have thought. These jobs take money they do not generate money.
     
  15. Anonymous

    Anonymous Guest

     
  16. Anonymous

    Anonymous Guest

    So it will be off the tax rolls?
     
  17. Anonymous

    Anonymous Guest

    If the Feds take it over its off the tax rolls.
     
  18. Anonymous

    Anonymous Guest

    Big Brother is coming to Commack.
     
  19. Anonymous

    Anonymous Guest

    So if this place goes over to the Feds will there be new job opportunities for the displaced Forest workers?
     
  20. Anonymous

    Anonymous Guest

    I'd like to throw a "GO" style rave up in there. Maybe bounce some laser lights off of Sean Peter's teeth while trippin balls.