Brokers know that new construction has become a relative rarity during this tough economy. But this doesn’t mean that new projects aren’t rising across the Midwest.
Just look to Kansas, where a major pharmaceutical company just broke ground on its latest project.
Teva North America, along with community officials and brokers, celebrated the ground-breaking of a new facility in Overland Park, Kansas, on July 9. The new office building for the pharmaceutical firm is scheduled to be completed in the third quarter of 2013.
Kenneth Block, president of Kansas City-based Block Development Company, which helped broker the deal that brought the firm to Overland Park, said that Teva’s new office facility will rise on one of the most highly visible sites in all of Kansas’ Johnson County.
The firm’s new home is an 18-acre site that was once owned by Sprint, which eventually sold the chunk of land to Block Development Company. This piece of land was broken into three parcels, two of which Teva will occupy.
The new 150,000-square-foot office building will house about 350 employees and will rise five stories in the air. There is also room on the site to build an additional 100,000-square-foot building.
“The addition of Teva Pharmaceuticals to Overland Park is a wonderful asset for this nationally recognized community,” said Carl Gerlach, mayor of Overland Park, in a written statement. “A successful community is truly a reflection of its people and businesses. I know with Teva’s proven success and leadership, Overland Park will benefit in so many ways.”
– Dan Rafter