Specifically, the occupancy is at Somerset Corporate Center II at 200 Somerset Corporate Blvd., owned by the Parsippany-based SJP Properties. The building totals 250,000 sf within a corporate campus that will build out to nearly 1.6 million sf in six buildings, five of which have been completed. Terms of the lease were not revealed; comparable space in the regional generally goes for a number of the $25 per sf range.
HSBC Finance actually signed on at the II building nearly a decade ago while it was still under construction and uncommitted. Other tenants currently in the building are Dendrite and Dr. Reddy's Laboratories, and other key tenants at the campus include Sanofi Aventis, Merrill Lynch, Brother International and Hewitt Associates.
"I think this renewal reinforces the center as a top corporate and financial business address," says Steven Pozycki, SVP of leasing for SJP Properties. "We expect to continue to attract and retain top companies like HSBC."
As far as the center's build-out, the sixth and final building, Somerset Corporate Center VI, will add 252,000 sf on eight floors to the mix. The property, built on property acquired by SJP in the mid- '90s from the Ethicon division of Johnson & Johnson, also includes a 15-acre central park.
And while a formal construction start hasn't been revealed, that final building has already picked up all of the required state and local approvals. LEED certification is also in the works for the last building as SJP continues to pursue such certification for all of its properties in New Jersey and New York. That initiative was announced in January.
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