Valeant will consolidate multiple locations into the property following its recent acquisition of Bausch + Lomb, a leading global eye health organization. The new operation will retain 274 Garden State jobs and create an additional 550 positions.
Cushman & Wakefield's Greg Ficke, a Director based in the company's Irvine, Calif., office, represents Valeant on a global basis. He handled the assignment with Executive Vice President David Sherman, Senior Director Harlan Hollander and Associate Director Slava Vaynberg, who are based in Cushman & Wakefield's East Rutherford, N.J., office. SJP Properties was represented in house by Executive Vice President Jeff Schotz and Senior Vice President Peter Bronsnick.
"We are extremely pleased to have assisted Valeant in selecting the right building for its future needs," Ficke said. "Our New Jersey team worked with the state to secure incentives for job creation and retention. This was the rare transaction where we had a win-win-win."
Commensurate with its long-term lease commitment, Valeant was awarded one of the first grants in the Grow NJ Assistance (Grow NJ) program by the Board of the New Jersey Economic Development Authority (EDA). The board approved Valeant to receive up to $39.5 million over a 10-year period. The company is expected to move to the property, located at 400 Somerset Corporate Boulevard, starting in the first quarter of 2014.
Somerset Corporate Center IV is one of five buildings within SJP Properties' Somerset Corporate Center campus. It features high-performance, energy-efficient and environmentally responsible building systems that produce low emissions and optimal indoor air quality to deliver a healthier work environment. The building offers several on-site amenities that will be available to Valeant's employees, including a full-service corporate cafeteria, a conference center with a 225-seat theater-style auditorium and a fitness center.
"Somerset Corporate Center IV is situated in a pristine campus setting within the heart of one of the country's best labor pools for the pharmaceutical and technology sectors," said Steven J. Pozycki, CEO of SJP Properties. "This strategic location will afford Valeant Pharmaceuticals unparalleled access to highly skilled, specialized talent that will position this growing international company strongly to maintain its competitive edge. We are confident that Valeant's ability to attract and retain top professionals will be further enhanced by Somerset Corporate Center's offering of numerous, premier amenities and highly responsive on-site management."