Bristol-Myers Squibb Property Sold In Wallingford

WALLINGFORD, CT — Calare Properties, a private Massachusetts-based real estate investment firm and operator, announced Wednesday that it has purchased the Bristol-Myers Squibb property on Research Parkway in Wallingford. The Meriden Record-Journal reports the property, which was assessed at $46 million in a tax appeal settlement, was sold for $5 million.

Town officials told the Record-Journal that the sale of the property won’t impact the recently finalized settlement and the $5 million sale price doesn’t reflect the property’s value. The sale price represents the value Bristol-Myers had for the property, which it will be vacating by the end of 2018.

In a news release announcing the sale, Calare Properties touted the property’s proximity to I-91 and the region being “home to eight prestigious colleges and universities, including Yale University and Wesleyan University.” The 915,000 square-foot complex is located at 5 Research Parkway in Wallingford.

Calare sees “exciting leasing potential for both office and pharmaceutical/biotech tenants as well as new development opportunities for a variety of uses including industrial,” according to the news release.

“5 Research Parkway provides an unparalleled opportunity for companies in the pharmaceutical, biotech, manufacturing, healthcare and service industries seeking a facility in the Southern Connecticut region,” Calare Properties CEO Bill Manley said in a statement. “The extensive acreage and unique physical layout of the campus can accommodate a multitude of uses in addition to potential re-development to meet the needs of future tenants.”

Also in the news release, Calare touted that “this region of Connecticut has become hyper-focused on expanding bioscience and pharmaceutical development, seeing tremendous growth over the past decade within these sectors.”

“Set on a total of 180 acres, the corporate campus is situated around the 830,000 SF main office and lab complex and is supported by outer buildings including a materials handling facility, a central utility plant and a child development center,” the release reads. “Notable amenities include a Laboratory Grade Reverse Osmosis system, a Co-Generation plant with 4.7MW generator capacity, a state-of-the-art lecture hall, a helipad, a full-service cafeteria, renovated fitness center, scenic nature trails, a secured perimeter, and a total of 1,405 parking spaces. Designed for beauty and efficiency, the employee-friendly campus has been continuously upgraded for superior energy efficiency with over $30 million in recent site improvements.”

Read more about the town’s reaction to the sale at the Meriden Record-Journal here.