Northeast

NEW YORK CITY — Rockrose Development Corp. has acquired the commercial portion of the Madison Square Building at 15 E. 26th St. in Manhattan from Savanna Estate Fund for $105 million. The 150,000-square-foot boutique commercial office space is part of the larger 20-story, 330,000-square-foot mixed-use property. Constructed in 1920, the asset is 95 percent leased to tenants on floors one through eight, including Vera Wang's executive offices and showroom. The seller acquired the property in February 2012 for $57.8 million, according to CoStar Group Inc. Savanna worked with the Jones Lang LaSalle team of Mitchell Konsker, Matthew Astrachan, Matthew Polhemus and Brittany Wunsch in leasing up the property at market rents.Craig Deitelzweig, head of Rockrose's office division, represented the buyer in-house. Adam Spies, Doug Harmon, Adam Doneger and Joshua King with Eastdil Secured represented Savanna in the transaction.

BRIDGEWATER, N.J. — Valeant Pharmaceuticals International Inc., has signed a long-term, 310,000-square-foot lease to completely occupy Somerset Corporate Center IV in Bridgewater. The facility is located within SJP Properties’ 2.1 million-square-foot, Class A office complex, about 30 miles southwest of Newark. Valeant, a multinational pharmaceutical company, will consolidate multiple locations into its new U.S. headquarters at the office complex. The company is expected to relocate to Somerset Corporate Center IV starting in the first quarter of 2014. SJP Properties will oversee the build-out of its new headquarters. Amenities at the building include a full-service cafeteria, a conference center with a 225-seat, theater-style auditorium and a fitness center. Greg Ficke, director, David Sherman, executive vice president, and Harlan Hollander, senior director at Cushman & Wakefield, represented Valeant in the transaction. Jeff Schotz, executive vice president, and Peter Bronsnick, senior vice president, represented SJP in house.