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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 28 Issue 16 Aug. 26 - Sept. 15, 2016

F Jose Cruz and Andrew Scandalios and managing director Kevin O’Hearn lead team HFFcloses same-day sale of twoNJ properties totaling $396.5 million LORHAM PARK, NJ — Holliday Fenoglio Fowler, L.P. (HFF) has drew Scandalios and managing director Kevin O’Hearn.

SPO TLIGHTS

The class A property, which sits in the heart of the Princ- eton market, includes nine interconnected buildings on 58 acres, with Novo Nordisk cur- rently leasing 563,000 s/f on a net lease basis with expansion rights through April 2031, no termination rights and one 10- year renewal option. “The superior investment- grade tenant and durable in- place cash flow with contrac- tual 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 num- ber of challenges, including the complexity of multiple partners on both sides of the sale.” Cushman &Wakefield’s abil- ity to also arrange financing for the acquisition and future funding was key in moving the sale to its conclusion. n “The market continues to aggressively underwrite single- tenant assets in prime loca- tions 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 interna- tional as this property profile has become a safe haven for capital.” According to Tom Taranto, Chief Investment Officer of Intercontinental, “The HFF team was terrific to work with during the entire sale process. Jose Cruz and his excellent team always place client inter- est first which lead, ultimately, to this highly-successful sale execution. On behalf of our public pension and many union investors, we are proud and grateful.” In other news, HFF also continued on page 12A

closed the $305 million sale of Novo Nordisk’s North Ameri- can headquarters, a 761,824 s/f, class A office campus in Princeton, New Jersey. HFF marketed the property on behalf of the seller, Intercon- tinental Real Estate Corpora- tion. In 2011, HFF worked on behalf of the seller 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. Novo Nordisk’s North Ameri- can headquarters encompasses nine interconnected buildings situated on 58 acres at 800 Scudders Mill Rd. within the amenity-rich Princeton For- restal Center Office and Re- search Park in the Princeton business and pharmaceutical corridor. The transit-orient- ed campus is less than one

C OMM E R C I A L REAL ESTATE LAW

Section A

The Monarch, a 316-unit, class A, luxury apartment community.

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 din- ing patios. The HFF investment sales team was led by senior manag- ing directors Jose Cruz and An-

Section B

PA/NJ/DE/ I CSC IDEA EXCHANGE

Section C

Cushman & Wakefield arranges $305 million sale of Novo Nordisk HQ in Plainsboro, NJ

For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com Multifamily Summit September 16, 2016 Philadelphia Commercial Real Estate Forecast Summit UPCOMING CONFERENCES September 15, 2016 3rdAnnual NJ Apartment/

PLAINSBORO, NJ —Novo Nordisk’s 762,000 s/f North American headquarters in Plainsboro has traded for $305 million, marking the larg- est single-asset sale in New Jersey to date in 2016. Com- mercial real estate services firm Cushman & Wakefield

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Commercial Law................................................ 5-9A Owners, Developers & Managers............... Section B Shopping Centers....................................... Section C

Novo Nordisk’s 762,000 s/f North American headquarters

brokered the sale and secured financing for this challenging transaction. Members of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, includ- ing Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer , represented the seller, a partnership of Ivy Equities, LCOR, Inc., and Intercontinental Real Estate Corp. 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 Lapi- dus arranged acquisition fi- nancing and future funding tied to the planned expansion of the tenant.

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