PARSIPPANY — Zoetis, the animal health company spun off from Pfizer in 2013, will relocate its global headquarters to Parsippany from Florham Park in a deal with Normandy Real Estate Partners.
The life sciences company has signed a 12-year lease to fully occupy 10 Sylvan Way, a 125,445-square-foot office building that is being stripped to its steel frame and rebuilt by the Morristown-based developer. The project is slated to be complete by fall 2016.
In an interview last year, Paul Teti, a principal of Normandy Real Estate Partners said “We still believe in the submarket as a corporate headquarters location, I still think it’s a big tenant market, so if you can create today’s workplace environment … we think you can still be very successful in Parsippany.”
The deal comes two months after Zoetis said it would cut about 165 jobs by the end of next year, part of a comprehensive program announced May 5 to simplify Zoetis’ operations worldwide, improve its cost structure and better allocate resources to key growth opportunities.
The company will relocate from a multitenant building at 100 Campus Drive, Florham Park.
Broadly defined, the animal health industry includes all products and services, other than livestock feed and pet food, that promote livestock productivity and health and companion animal health. These products and services include medicines and vaccines, diagnostics, medical devices, pet supplies, nutritional supplements, veterinary and other related services.
Animal health is closely connected to human health. A wholesome and sustainable supply of protein from milk, eggs, and meat begins with healthy farm animals. Moreover, approximately 70 percent of the diseases known to affect humans are “zoonotic,” which means they can be transmitted between animals and humans.
The animal medicines and vaccines sector is estimated to represent a global market of $24 billion. It is expected to exceed $33 billion by 2020, according to Vetnosis, a research and consulting firm specializing in global animal health and veterinary medicine.
The building, which Normandy acquired in 2012, sits among the headquarters for other major corporate tenants in Parsippany, including The Medicines Co. and Wyndham Worldwide. For months, the developer has been marketing its plans to gut the property and redevelop it into a state-of-the-art commercial property.