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PRINCETON, NJ-PharmaNet Development Group renewed its lease at a 122,000-square-foot building here owned by Boston Properties. A team of brokers from Cushman & Wakefield Inc. arranged the deal for the tenant, a provider of clinical development services to pharmaceutical, biotechnology, generic drug and medical device companies.

Walter Schoenberg, senior director at C&W’s East Rutherford office, tells GlobeSt.com that PharmaNet had two years remaining on their lease for the entire building at 504 Carnegie Center and extended it for eight more years. Assisting him in orchestrating the deal was Jeff Barker and Kim Finnerty of C&W’s Philadelphia operation.

Schoenberg declined to specify any financial terms, as did a spokesperson for Boston Properties. PharmaNet did tour other buildings, Schoenberg explains, but ultimately opted to stay at 504 Carnegie. “It’s a quality building,” Schoenberg says. “It’s a headquarters-type facility, whereas some of the other buildings we looked at had the space, but weren’t necessarily headquarters-type facilities.”

Schoenberg says that Boston Properties was flexible in helping PharmaNet meet its business goals. “It was a win-win for both sides,” he relates, “based on what was important to the client and based on what was important to Boston Properties. We looked at other properties, but when we made the decision to stay, Boston Properties and PharmaNet were on the same side. They had certain goals in the future and we told Boston Properties what they were and they helped structure the lease in order to help us meet those goals.” Schoenberg declined to specify those goals.

PharmaNet started at 504 Carnegie as a subtenant and has expanded several times there over the years to become its sole, full-building tenant. Today, the global firm provides a comprehensive range of services, including early and late stage consulting; Phase I clinical studies and bioanalytical analyses; and Phase II, III and IV clinical development programs. It employs approximately 2,400 people and has operations in North America, Latin America, Europe, Asia, Australia and Africa.

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