Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza, Suite 1100
East Rutherford, New Jersey 07073
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Release Date: Monday, July 14, 2014
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Class A Princeton-area Office Building is Fully Leased to Pharmaceutical Giant Sandoz
PLAINSBORO, N.J., July 14, 2014 – Commercial real estate services firm Cushman & Wakefield and an affiliate of Ivy Realty have completed the $63.5-million sale of 100 College Road West, a 154,101-square-foot class A office building in Plainsboro, in the Princeton submarket.
Cushman and Wakefield’s East Rutherford, N.J.-based Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, Gary Gabriel and Grace Braverman represented the seller, Ivy Realty. The property’s new owner is an affiliate of American Realty Capital.
“This transaction occurred before the availability was formally announced,” said Merin. “This sale is clear evidence of the level of demand by investors for class A properties occupied by high-credit, long-term tenants. Credit as well goes to Ivy Realty for their vision for this outstanding property and execution of the transaction.”
The three-story office building is fully occupied by pharmaceutical giant Sandoz, which recently signed a 12-year lease for its U.S. headquarters, in a transaction similarly arranged by Cushman & Wakefield. 100 College Road West was constructed in 2000 as the U.S. headquarters for Novo Nordisk, which subsequently expanded and relocated within the Princeton submarket.
The building is currently undergoing significant upgrades, including a renovated lobby, renovated cafeteria, new meeting rooms, office space fit-outs, and improvements to achieve LEED Silver certification. “Sandoz’s investment in the building demonstrates their desire and commitment to create a headquarters that meets their long-term needs,” said Merin.
100 College Road West, with frontage and visibility along U.S. Route 1, is adjacent to Princeton Forrestal Village, which offers shops, restaurants and national chain hotels. The Plainsboro location is within an hour’s drive of both New York and Philadelphia, and in addition to Route 1, major thoroughfares include the New Jersey Turnpike (I-95), Route 206, and I-295. Nearby Princeton University provides a key educational and research focus.
“The Princeton/Route 1 submarket’s vacancy rate, 12.7 percent, is the lowest in the state,” said Merin. “This submarket has long attracted well-known domestic and international firms, including financial services, technology, pharmaceutical and more.
“Notably, all large blocks of space in the corridor have been leased – there are no blocks of contiguous space greater than 100,000 square feet currently available,” he said. “That is another key reason why an investment opportunity such as 100 College Road West does not remain available for very long.”
Based in East Rutherford, New Jersey, Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut, Pennsylvania, and Delaware. The team has completed more than $17 billion worth of transactions since 2000, closing on $1.5 billion in 2013.