BRIDGEWATER, NJ—Valeant Pharmaceuticals International is doubling down on its office space at Somerset Corporate Center in Bridgewater, NJ. The healthcare firm signed a long-term, 620,000-square-foot lease for two full buildings within the master-planned business center. The transaction is one of New Jersey's largest office leases of the last decade.
The transaction underscores evidence of a flight to quality in suburban office space. Recent research by CBRE suggests that trophy office buildings are outperforming the market in general and that such buildings in the Route 287/78/24 suburban submarket of New Jersey have a vacancy rage averaging 14.7 percent, vs. an overall vacancy rate for New Jersey of 21.8 percent.
“This is a very strong market for pharmaceutical, this is probably the 'pharmaceutical belt' of New Jersey,” Jeff Schotz, executive vice president of SJP Properties, owner of the complex, tells GlobeSt.com exclusively. “This is a natural location for a company like Valeant.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
