{"id":1004150027,"date":"2016-08-11T23:00:33","date_gmt":"2016-08-12T07:00:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150027"},"modified":"2020-04-15T01:09:58","modified_gmt":"2020-04-15T09:09:58","slug":"novo-nordisk-jersey-hq-trades-for-305m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/novo-nordisk-jersey-hq-trades-for-305m\/","title":{"rendered":"Novo Nordisk HQ Commands $305M"},"content":{"rendered":"

By Barbra Murray<\/p>\n

\"Novo<\/a>

Novo Nordisk’s North American headquarters, Plainsboro, NJ<\/p><\/div>\n

Plainsboro, N.J.<\/strong>\u2014The North American headquarters of Novo Nordisk<\/a> at 800 Scudders Mill Road in Plainsboro, N.J., has come under new ownership in the largest single-asset trade in New Jersey this year. Joint venture partners Intercontinental Real Estate Corp.<\/a>, Ivy Equities<\/a>, and LCOR Inc.<\/a>, sold the 762,000-square-foot office campus to Korean investment firm Hana Asset Management Co.<\/a> for $305 million.<\/p>\n

\u201cIn New Jersey, in spite of mediocre fundamentals in the office sector, sales are robust with significant interest from both overseas and the orthodox community. We are well on our way to a record year in office sales,\u201d Andrew Merin, a vice chairman with Cushman & Wakefield<\/a>, told Commercial Property Executive<\/a><\/em>. The firm\u00a0represented the joint venture\u2019s minority owners, Ivy Equities and LCOR, while commercial real estate and capital markets services provider Holliday Fenoglio Fowler LP, which initiated the marketing process, represented Intercontinental, the majority owner. Commercial real estate services firm Lee & Associates<\/a> represented Hana in the transaction.<\/p>\n

Developed in 1985 for Merrill Lynch, 800 Scudders Mill consists of nine interconnected buildings on a 58-acre site in the Princeton submarket. The Class A property last changed hands in 2011, when Ivy sold the asset to a joint venture it had formed with LCOR and Intercontinental for $102.7 million. The partners inked a deal with Novo Nordisk to occupy the office property following a $215 million gut renovation, which reached completion in 2013. Novo Nordisk currently makes its home in 563,000 square feet under a lease that gives the pharmaceutical company the option to expand its footprint through April 2031. Novo Nordisk plans to exercise that option.<\/p>\n

Cushman & Wakefield pulled double duty on the deal. In addition to representing the sellers, the firm worked on the buyer\u2019s behalf to arrange financing and future funding linked to Novo Nordisk\u2019s impending expansion. The firm had its work cut out for it.<\/p>\n

\u201cThis was indeed a complex transaction involving a foreign entity trying to understand structural considerations for financing in the U.S.,\u201d John Alascio, a managing director with Cushman & Wakefield, said in a statement. \u201cFuture funding components are always complex in terms of logistics and obtaining lender approval. It can often be easier with single-tenant financing, which this is, but in this instance, given the nature of future funding and the earn-out of space to the tenant, it was particularly challenging. Overall, we delivered the best deal in the marketplace, working around the structural concerns of both the buyer and seller.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield orchestrated the deal, which is the largest single-asset sale in New Jersey this year.<\/p>\n","protected":false},"author":969,"featured_media":1004150075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21783,1600,21742,10,21747],"tags":[],"class_list":["post-1004150027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nNovo Nordisk HQ Commands $305M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/novo-nordisk-jersey-hq-trades-for-305m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Novo Nordisk HQ Commands $305M\" \/>\n<meta property=\"og:description\" content=\"Cushman & Wakefield orchestrated the deal, which is the largest single-asset sale in New Jersey this year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/novo-nordisk-jersey-hq-trades-for-305m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-12T07:00:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T09:09:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Novo-Nordisk-Headquarters-800-Scudders-Plainsboro-NJ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novo-nordisk-jersey-hq-trades-for-305m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/novo-nordisk-jersey-hq-trades-for-305m\/\",\"name\":\"Novo Nordisk HQ Commands $305M - 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