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Deals & Dealmakers

$300M Novo Nordisk HQ sale largest in Jersey this year

Novo Nordisk’s 762,00 s/f North American headquarters in Plainsboro has traded to a Korean investment firm for $305 million, marking the largest single-asset sale in New Jersey to date in 2016.

800 Scudders Mill
800 Scudders Mill

HFF and Cushman & Wakefield marketed the property on behalf of the sellers, a partnership of Intercontinential Real Estate Corporation, Ivy Equities and LCOR, Inc.

In 2011, HFF worked on behalf of the sellers to secure capital for the development of the property in a deal that was honored with NAIOP New Jersey’s Creative Office Deal of the Year award.

The complex includes nine interconnected buildings situated on 58 acres at 800 Scudders Mill Road within the Princeton Forrestal Center Office and Research Park in the Princeton business and pharmaceutical corridor.

The transit-oriented campus is less than one mile from Route 1, less than four miles from the Princeton Junction mass transit center and convenient to Interstates 95 and 295.

Redeveloped in 2013, the LEED Silver-certified building features state-of-the-art technology, energy-efficient systems and design upgrades such as a new façade, 10-foot glass exterior walls and a two-story, 30-foot lobby with floor-to-ceiling glass. Campus amenities include a 267-seat cafeteria; fully-equipped fitness center; presidential suite and executive boardroom; covered parking; full concierge service; and 4,000 s/f rooftop terrace with outdoor kitchen and dining patios.

The HFF investment sales team was led by senior managing directors Jose Cruz and Andrew Scandalios and managing director Kevin O’Hearn.

JOSE CRUZ
JOSE CRUZ

“The market continues to aggressively underwrite single-tenant assets in prime locations with exceptional credit, and we are honored to be the broker for the largest office sale in 2016,” said Cruz.

“The money chasing these deals is both domestic and international as this property profile has become a safe haven for capital.”

Cushman & Wakefield’s Metropolitan Area Capital Markets Group includes Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer.

Ken Lorman with Lee & Associates – New Jersey advised the purchaser, a Korea investment firm, Hana Asset Management Company.

On the finance side, the Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Alexander Hernandez and Alex Lapidus arranged acquisition financing and future funding tied to the planned expansion of the tenant.

“The superior investment-grade tenant and durable in-place cash flow with contractual rent steps at 800 Scudders Mill enabled us to source this noteworthy partnership as the purchasing entity,” Merin said.

“The result – a major offshore investment in New Jersey – is a big win for the state. The transaction came with a number of challenges, including the complexity of multiple partners on both sides of the sale.”

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