August 12, 2016
Ivy Equities LCOR Inc. and Intercontinental Real Estate Corp. sold the Novo Nordisk 762,000-square-foot North American headquarters in Plainsboro, NJ to Hana Asset Management Co. of Korea. The $305 million price represented the largest single-asset sale in New Jersey so far this year.
The Class A property at 800 Scudders Mill Rd. includes nine interconnected buildings on 58 acres. Novo Nordisk occupies 563,000 square feet on a net lease basis, with expansion rights through April 2031.
Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer with Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller. The Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Alexander Hernandez and Alex Lapidus arranged acquisition financing and future funding. Ken Lorman with Lee & Associates – New Jersey, advised the buyer.
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