As Trouble Mounts at Endo, Gramercy Puts the Pain Pill Company’s Malvern Office Building on the Market

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The high-end office building, currently occupied by Endo Pharmaceuticals at Atwater Drive near Malvern, is up for sale.

Gramercy Property Trust has put its high-end office building currently fully occupied by Endo Pharmaceuticals up for sale, writes Brian McCullough for Daily Local News.

The five-story 300,000-square-feet property at 1400 Atwater Drive near Malvern was custom built to LEED Silver standards three years ago to be the North American headquarters of Endo Pharmaceuticals.

The property is being marketed NGKF Capital Markets‘s Mike Margolis, Dave Dolan and Brett Segal, as well as area expert Jeff Mack.

Despite having over $3.2 billion in revenue in last year, Endo’s shares have already fallen 77 percent this year following investor fears that pressure to lower drug prices could upset its acquisition-driven business model. These concerns were compounded after the company cut its 2016 earnings guidance in May.

According to Margolis, the sale of the building has nothing to do with Endo’s troubles and is instead just a regular portfolio reallocation. A spokesperson from Endo, which still has 8 and a half years left on its lease, agreed that the sale would not impact the company’s operations.

“The sale has no effect on Endo as we are just a tenant,” said Heather Zoumas Lubeski, Endo’s Senior Director of Corporate Affairs.

There is no set asking price, but NGKF believes the building will fetch around $90 million.

Read more at Daily Local News here, and check out previous VISTA Today coverage of Endo Pharmaceuticals the here.

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