IMS Health Leases 120,000-Sq. Ft. Parsippany Office Building
17 Sep, 2007, Parsippany, NJ
Firm Intends to Purchase in Early 2008
IMS Health Inc. has leased 11 Waterview Boulevard in Parsippany in its entirety, announced Cushman & Wakefield, Inc. The pharmaceutical marketing and consulting firm will relocate its regional operation to the 120,000-square-foot, Class A office property from Totowa this fall and intends to purchase the new building from the owner, UFP, LP, in early 2008. This was a complex transaction as both a lease and a purchase and sale agreement had to be negotiated.
Jeffrey A. Prezant and James L. Frank of Cushman & Wakefield of New Jersey Inc. negotiated the long-term lease as marketing agents for 11 Waterview Boulevard. John Sarkisian, Richard Danesi and Brian Godau of CB Richard Ellis represented IMS Health.
Headquartered in Norwalk, Conn., and operating in more than 100 countries, IMS Health is the world’s leading provider of market intelligence to the pharmaceutical and healthcare industries. With $2.0 billion in 2006 revenue and more than 50 years of industry experience, IMS offers portfolio optimization capabilities, launch and brand management solutions, sales force effectiveness innovations, managed care and consumer health offerings, and consulting and services solutions.
“From its location and accessibility, to its quality construction and park-like setting, 11 Waterview Boulevard provides an atmosphere in which IMS Health will be well positioned for success,” Frank noted. “This property is highly visible and recognizable – it provides a true headquarters-quality image.”
The building is part of the Waterview Corporate Center, which fronts on Route 46, at the intersection of I-80 and I-287, offering excellent highway access. Nearby hotels, shopping, dining and entertainment add to the area’s appeal. “In the process of marketing 11 Waterview Boulevard, we saw strong interest from a number of firms seeking in excess of 100,000 square feet in the immediate market,” Prezant said. “This growing Class A office demand in Parsippany bodes well for the town, where a number of large blocks have been available for some time. We are likely to see vacancies at trophy properties dropping significantly in the coming months.”
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 215 offices in 56 countries, and more than 12,000 professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, visit the firm's Web site at www.cushwake.com.
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