Publications

Transactions

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

South Korean investor enters New Jersey office market

by Andrea Waitrovich

Novo Nordisk’s 762,000-square-foot North American headquarters in Plainsboro, N.J., has traded for $305 million, or approximately $396 per square foot, marking the largest single-asset sale in New Jersey to date in 2016. The new owner is South Korean investment firm Hana Asset Management.

The property was sold by a joint venture partnership — comprising Ivy Equities, LCOR, Intercontinental Real Estate Corp. and the $189 billion California State Teachers’ Retirement System — which developed the multinational pharmaceutical firm’s North American headquarters.

The class A property, which sits in the heart of the Princeton market, includes nine interconnected buildings on 58 acres, with Novo Nordisk currently leasing 563,000 square feet on a net-lease basis with expansion rights through April 2031, no termination rights and one 10-year renewal option.

 

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?