SJP Properties announced that Valeant Pharmaceuticals International, Inc., has signed a long-term, 310,000 s/f lease to occupy the entirety of Somerset Corporate Center IV.
The center is part of SJP’s 2.1 million-square-foot, Class A office complex in Bridgewater, NJ.
The new lease will allow Valeant, a multinational pharmaceutical company, to consolidate multiple locations into its new U.S. headquarters following the company’s recent acquisition of Bausch + Lomb, a global eye health organization.
The company is expected to relocate to Somerset Corporate Center IV starting in the first quarter of 2014. Valeant has retained SJP to oversee build-out of its new headquarters.
Somerset Corporate Center IV is one of five buildings within the Somerset Corporate Center campus that enjoys high-performance, energy-efficient and environmentally responsible building systems that produce low emissions and optimalindoor air quality to deliver a healthier work environment.
The building has a full-service corporate cafeteria, a conference center with a 225-seat theater-style auditorium, and a fitness center.
The master-planned campus is configured with a ring road that provides four means of ingress and egress.
“Somerset Corporate Center IV is situated in a pristine campus setting within the heart of one of the country’s best labor pools for the pharmaceutical and technology sectors,” said Steven J. Pozycki, CEO of SJP Properties.
“This strategic location will afford Valeant Pharmaceuticals unparalleled access to highly skilled, specialized talent that will position this growing international company strongly to maintain its competitive edge.
“We are confident that Valeant’s ability to attract and retain top professionals will be further enhanced by Somerset Corporate Center’s offering of numerous, premier amenities and highly responsive on-site management.”
One of SJP’s signature developments, Somerset Corporate Center has a 15-acre central park around which the center’s five buildings are situated. The park has walking paths, sitting areas and extensive landscaping
Other tenants include Qualcomm, Allergan Pharmaceuticals, Cognizant Technologies, Merrill Lynch and Aon Hewitt and Aptalis.
Cushman & Wakefield’s Greg Ficke, a director based in the company’s Irvine, Calif., office, represents Valeant on a global basis. He handled the assignment with executive vice president David Sherman, senior director Harlan Hollander and associate director Slava Vaynberg, who are based in Cushman & Wakefield’s East Rutherford, N.J., office. SJP Properties was represented in house by executive vice president Jeff Schotz and senior vice president Peter Bronsnick.
“We are extremely pleased to have assisted Valeant in selecting the right building for its future needs,” Ficke said. “Our New Jersey team worked with the state to secure incentives for job creation and retention. This was the rare transaction where we had a win-win-win.”
Valeant was awarded one of the first grants in the Grow NJ Assistance (Grow NJ) program by the Board of the New Jersey Economic Development Authority (EDA). The board approved Valeant to receive up to $39.5 million over a 10-year period.