SJP Properties has inked a full-building lease in Bridgewater with Valeant Pharmaceuticals International Inc., a Canadian company that is consolidating its U.S. operations and its recently acquired Bausch & Lomb subsidiary.
The 310,000-square-foot site at the Somerset Corporate Center complex will serve as Valeant's U.S. headquarters, starting as soon as the first quarter of 2014, SJP said in a news release. The company also tapped the Parsippany-based developer to oversee the build-out of the new space, which is wedged between Route 22 and Route 202/206.
The deal comes after Valeant announced this summer that it would consolidate spaces and move the Bausch & Lomb headquarters from Rochester, N.Y. to New Jersey. Valeant, which already had its U.S. base elsewhere in Bridgewater, announced in May that it had acquired the eye health company for $8.7 billion.
That gave way to some speculation about where the company would end up after executives said they would find a site between Bridgewater and B&L's existing pharmaceutical division in Madison. It was also unclear if Valeant would seek state incentives, but last week, it was awarded a $39.5 million, 10-year tax credit to locate at the SJP-owned site, bring more than 500 new jobs to the state and retain about 275.
The Laval, Quebec-based company will occupy Somerset Corporate Center IV, a piece of SJP's 2.1-million-square-foot office park in the township. The complex also includes tenant such as Allergan Pharmaceuticals and Cognizant Technologies.
Valeant was represented in the deal by Cushman & Wakefield Director Greg Ficke, Executive Vice President David Sherman and Senior Director Harlan Hollander, the SJP news release said. The landlord was represented in-house by Executive Vice President Jeff Schotz and Senior Vice President Peter Bronsnick.