In one of New Jersey's largest office signings in the past few years, inVentiv was represented by Walter Schoenberg and Christopher Kinum of Cushman & Wakefield. Owner LaSalle Investment Management was represented by Susan Mason, Thomas Reilly and Brian Cass, all of Jones Lang LaSalle's Parsippany office. Specifically, Atrium Corporate Park is owned by LaSalle Income and Growth Fund IV.
When inVentiv moves into the building in July, the site will combine the company's existing headquarters at 200 Cottontail Ln. here, along with a second building on Cottontail Lane, and two buildings in nearby Somerville occupied by the company's Franklin Group and Strategyx divisions. The new 154,035-square-foot space is slightly greater than the four existing locations combined, according to company officials.
"The move is very consistent with our overall business strategy," says Terrell Herring, president and COO of inVentiv Health. "By consolidating four offices into one building, we will create efficiencies that will result in long-term efficiencies. And bringing Strategyx and the Franklin Group under the same roof as our other New Jersey-based businesses will support our ability to work collaboratively and deliver integrated solutions to our clients."
Rent expenses won't be materially higher as a result of the consolidation, according to Herring. Terms of the deal were not released, but the approximately 20,000 square feet inVentiv won't be occupying within 500 Atrium Drive is currently listed with an asking price of $23.50 per square foot, as are other availabilities within the surrounding Atrium Corporate Park.
"inVentiv Health has a track record of growth," says C&W's Schoenberg, noting that the move will bring 500 employees to the building. "The company's commitment to New Jersey is a positive indication that the state continues to support the growth of business from within."
"Atrium Corporate Park has been able to consistently attract high-profile tenants like inVentiv," says JLL's Mason. "Its amenities, location and flexibility in space solutions contribute to its track record of outperforming the local real estate market."
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