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Office Market Improves, SJP Signs Biggest Lease

BRIDGEWATER, NJ-The office market has been improving this year, although the vacancy rate is still above 20%; Valeant's take of 300,000 square feet at SJP Properties' corporate center in Bridgewater last week was 3013's biggest transaction to date.

By Antoinette Martin | Updated on December 16, 2013

BRIDGEWATER, NJ-The 4th quarter of office leasing is unlikely to close as strongly as the 3rd quarter did – 1.7 million square feet is a lot to beat – but several new deals including SJP Properties’ signing of Valeant  last week indicate the office market continues to enjoy better health than it did one year ago.

SJP’s deal with the pharmaceutical company was the largest office lease in the state for 2013, even after a very strong third quarter that ended in October. The pharmaceutical companytook a whole-building, 310,000-square-foot headquarters space at SJP’s Somerset Corporate Center IV in Bridgewater. (SJP also got the nod to oversee the build-out of Valeant’s new headquarters.)

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