The lease was brokered for IMS by Jon Sarkisian, EVP; Richard Danesi, SVP; and VP Brian Godau of CB Richard Ellis. The owner of the building, the Clifton-based Ullman Family Partnership, was represented by brokers from Cushman & Wakefield.
"Not only were we successful in locating this new space for the company, but we also concluded the sale of its previous location," Danesi says. "11 Waterview is one of Parsippany's few remaining blocks of class A space."
As reported by GlobeSt.com, the sale of IMS' previous 130,000-sf building in Totowa reported by Danesi was completed this past May. The asset was sold to BAE Systems, which had shared the building with IMS for several years and required the expanded space.
Terms of IMS' lease signing at 11 Waterview were not released; comparable space in the immediate marketplace is listed with asking prices generally in the $25-to-$27 per sf range. Current availabilities within the six-building, 136-acre Waterview Corporate Center are listed at the top end of that range.
GlobeSt.com has learned that the deal does include an option to buy the property from UFP. According to documents filed with the SEC, the option period extends from Jan. 2, 2008 to Aug. 31, 2008, and the agreed-upon purchase price is $32.3 million. If IMS decides not to buy the building, the lease agreement will continue in place.
UFP bought the newly built asset vacant in 2003 from Bellemead Development Corp., and it had been empty ever since. The surrounding multi-building Waterview Corporate Center's assets have multiple owners.
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