HFF closes $305 million sale of Novo Nordisk’s headquarters in Princeton, New Jersey
FLORHAM PARK, NJ – August 15, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $305 million sale of Novo Nordisk’s North American headquarters, a 761,824-square-foot, Class A office campus in Princeton, New Jersey.
HFF marketed the property on behalf of the seller, Intercontinental Real Estate Corporation. 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 American headquarters encompasses nine interconnected buildings situated on 58 acres at 800 Scudders Mill Road within the amenity-rich 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-square-foot 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.
“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.”
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 interest 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.”
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation (Intercontinental) is an SEC-registered investment adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed or owned over $10 billion in real estate property. Today, Intercontinental manages a portfolio in excess of $4 billion for its clients. The Intercontinental portfolio is diversified both by a robust property mix and by geography. Fund strategies actively seek opportunities to invest in both core and core-plus
properties, as well as in value-add operating properties and development projects.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.