Walter Schoenberg, senior director at C&W's East Rutherford office, tells GlobeSt.com that PharmaNet had two years remaining on their lease for the entire building at 504 Carnegie Center and extended it for eight more years. Assisting him in orchestrating the deal was Jeff Barker and Kim Finnerty of C&W's Philadelphia operation.

Schoenberg declined to specify any financial terms, as did a spokesperson for Boston Properties. PharmaNet did tour other buildings, Schoenberg explains, but ultimately opted to stay at 504 Carnegie. "It's a quality building," Schoenberg says. "It's a headquarters-type facility, whereas some of the other buildings we looked at had the space, but weren't necessarily headquarters-type facilities."

Schoenberg says that Boston Properties was flexible in helping PharmaNet meet its business goals. "It was a win-win for both sides," he relates, "based on what was important to the client and based on what was important to Boston Properties. We looked at other properties, but when we made the decision to stay, Boston Properties and PharmaNet were on the same side. They had certain goals in the future and we told Boston Properties what they were and they helped structure the lease in order to help us meet those goals." Schoenberg declined to specify those goals.