X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PARSIPPANY, NJ-Confirming an earlier report, IMS Health has completed a lease for the entire three-story, 120,000-sf 11 Waterview Blvd. here. The Norwalk, CT-based pharmaceutical and healthcare industry consulting firm will use the space as a regional office.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.