South Korean investor enters New Jersey office market
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.