Valeant Takes 310 KSF Lease for New HQ in Bridgewater, NJ
- Dec 16, 2013
Anna Spiewak, News Editor
Valeant Pharmaceuticals International Inc. is consolidating its multiple locations and moving into it’s new U.S. headquarters at Somerset Corporate Center IV, located in central N.J.
The multinational pharmaceutical company has signed a long-term, 310,000-square-foot lease to occupy the entire center within SJP Properties’ 2.1-million square-foot Class A complex in Bridgewater, N.J.
The move follows Valeant’s purchase of Bausch + Lomb, a global eye health organization. The company is slated to move into the corporate building in the first quarter of 2014. Valeant has also retained SJP to oversee build out of its new headquarters. The space was previously occupied by Sanofi-Aventis, who moved back to its corporate campus, SJP CEO Steven Pozycki told Commercial Property Executive.
“Somerset Corporate Center is located in a pristine campus setting within the heart of one of the country’s best labor pools for the pharmaceutical and technology sectors,” Pozycki added in a news release. “The strategic location will afford Valeant unparalleled access to highly skilled, specialized talent that will position this growing international company strongly to maintain its competitive edge.”
Somerset Corporate Center IV is one of five buildings on the Somerset Corporate Center campus that has energy-efficient and environmentally responsible building systems that produce low emissions and optimal indoor air quality to deliver a healthier work environment, according to the news release.
Aside from Valiant, Somerset Corporate Center also includes a tenant roster of international companies, such as Qualcomm, Allergan Pharmaceuticals, Cognizant Technologies, Merrill Lynch and Aon Hewitt and Aptalis.
According to Cassidy Turley’s Central NJ Third Quarter 2013 Preliminary Office Stats, Somerset County (where Bridgewater is located) has a 12.4 percent vacancy rate, that’s a decrease of 0.6 percent compared to the previous quarter, with average asking rent $24.05 per square foot. YTD net absorption for the third quarter was 161,440.
Cushman & Wakefield represented Valeant in the transaction, with a team of Director Gregory Ficke, Executive Vice President David Sherman and Senior Director Harlan Hollander. SJP was represented in house by EVP Jeff Schotz and Senior Vice President Peter Bronsnick.