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Pharma Firm Renews in Princeton

PRINCETON, NJ-PharmaNet Development Group renewed its lease at a 122,000-square-foot building here owned by Boston Properties.

By Maria Wood | Updated on October 27, 2009

PRINCETON, NJ-PharmaNet Development Group renewed its lease at a 122,000-square-foot building here owned by Boston Properties. A team of brokers from Cushman & Wakefield Inc. arranged the deal for the tenant, a provider of clinical development services to pharmaceutical, biotechnology, generic drug and medical device companies.

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.”

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