Valeant Pharmaceuticals Signs 620,000-SF Lease to Double Office Space at SJP Properties’ Somerset Corporate Center in Bridgewater, NJ

SJP Properties today announced that Valeant Pharmaceuticals International, Inc. has doubled the size of its office space at Somerset Corporate Center in Bridgewater, NJ, having signed a long-term, 620,000-square-foot lease for the entirety of two buildings within the master-planned business center. The transaction is one of New Jersey’s largest office leases of the last decade.

Valeant Pharmaceuticals established its U.S. headquarters at Somerset Corporate Center in 2014 and currently leases all of Somerset Corporate Center IV. With this new lease, the multinational pharmaceutical company has both extended the term of its original lease at Somerset Corporate Center IV, and expanded by an additional 310,000 square feet to lease all of Somerset Corporate Center III. Valeant was represented in the transaction by GAF Realty Advisors and Cushman & Wakefield. SJP was represented in house by Executive Vice President Jeff Schotz and Senior Vice President Peter Bronsnick.

The two Class A office buildings leased by Valeant are part of SJP’s five-building Somerset Corporate Center campus, widely recognized as one of the premier business centers in the region.

“Somerset Corporate Center features flexible, highly efficient office space that will enable Valeant to seamlessly integrate multiple business units in one location,” commented Steven J. Pozycki, Founder and CEO of SJP Properties. “Additionally, the center is situated in one of the country’s strongest labor pools for the pharmaceutical and technology sectors, providing the company with a distinct competitive advantage in attracting and retaining top talent. We are extremely pleased to be able to accommodate Valeant’s growing presence while supporting New Jersey’s continued leadership position in the pharmaceutical industry.”

Totaling 1.5 million square feet of Class A office space, Somerset Corporate Center’s five existing buildings are situated around a 15-acre landscaped central park. SJP Properties is currently marketing a development site within Somerset Corporate Center for a build-to-suit office building or mixed-use project.

In addition to Valeant, a number of high-caliber global companies call Somerset Corporate Center home, including Qualcomm, Allergan, Cognizant Technologies, Aon Hewitt and Merrill Lynch.

One of SJP’s signature developments, Somerset Corporate Center is in proximity to both Newark International Airport and New York City, and is situated directly across from the nearly one million-square-foot Bridgewater Commons Mall – the second largest mall in New Jersey. The property’s unique configuration affords access in all directions via Routes 202/206 and 22, as well as Interstates 287 and 78. Additionally, the center offers access to public transportation, including NJ TRANSIT service via a shuttle to the Somerville train station just four miles from the property, and features a state-of-the-art conference facility, as well as fitness centers and cafes in each of its buildings.

About SJP Properties

SJP Properties is a vertically integrated commercial and residential real estate developer, investor, asset manager, construction manager and property manager. The expertise of the company’s core in-house team of professionals encompasses the entire development process, from site selection through coordination of tenant move-in for large multi-phase office complexes as well as for individual tenant build-out projects. The company is a recognized leader in the development of build-to-suit office and mixed-use developments on behalf of a long-list of leading corporations, including Panasonic Corporation of North America, Prudential, BMW, Sanofi, Tiffany’s, Ingersoll Rand and Bayer. The company’s leadership has established relationships with many of the industry’s leading investors and financial institutions, providing unparalleled access to capital.

For 30 years, SJP has sustained an unblemished track record of success, having completed every project on time and within budget. For more information, please call 212-335-2200 or visit www.sjpproperties.com.