Cushman & Wakefield Inks Renewal for Pharmanet in Princeton

Cushman & Wakefield of New Jersey, Inc.
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Media Contact: Evelyn Weiss Francisco: [email protected], (201) 796-7788

CUSHMAN & WAKEFIELD INKS RENEWAL FOR PHARMANET IN PRINCETON
Landlord Flexibility Secures 122,000-Sq.-Ft. H.Q. Deal

PRINCETON, N.J., Oct. 21, 2009 - PharmaNet Development Group, Inc., a leading provider of clinical development services to pharmaceutical, biotechnology, generic drug and medical device companies, has signed an early renewal for its 122,000-square-foot headquarters lease at Boston Properties’ 504 Carnegie Center in Princeton. Cushman & Wakefield, Inc. represented the tenant in the long-term transaction.

According to Walter Schoenberg of Cushman & Wakefield’s East Rutherford, N.J., office, who orchestrated the lease with Jeff Barker and Kim Finnerty of the company’s Philadelphia operation, timing and flexibility were critical in its successful outcome.

“When this assignment began, PharmaNet’s situation mirrored that of many companies – we were retained to thoroughly explore the market for cost-saving opportunities well in advance of PharmaNet’s lease expiration,” Schoenberg explained. “Ultimately, the firm chose to stay at 504 Carnegie by renewing a full 24 months early, which is a credit to the building and the receptiveness of Boston Properties.”

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. PharmaNet employs approximately 2,400 people and has operations in North America, Latin America, Europe, Asia, Australia and Africa.

“Princeton is a terrific market for life sciences companies, and PharmaNet’s success there is no surprise,” Schoenberg noted. “504 Carnegie will continue to be an ideal location for its continued progress.” The building is one of 17 in Boston Properties’ award-winning, Class A Carnegie Center development.