PLAINSBORO, NJ-Novo Nordisk and a joint ventureled by Ivy Equities and LCOR inpartnership with Intercontinental Real EstateCorp. will undertake a $215 million redevelopment of a770,000-square-foot office building at 800 Scudders Mill Road atPrinceton Forrestal Center here. It is the largest commercial realestate transaction in New Jersey this year, the companies say.

The building will serve as the new US headquarters for theDanish pharmaceutical company, which will relocate from 100 CollegeRoad West in Princeton when the redevelopment is complete in 2013.“This is not a consolidation, this is an expansion,” saysAnthony P. DiTommaso, Jr., co-CEO of Montvale,NJ-based Ivy Equities.

The building is being renovated to achieve LEED certification.Construction on the 100% union labor job will begin in September.“This move reflects Novo Nordisk’s growth in the US, and ourefforts in delivering leading therapies to diabetes patients andtheir healthcare providers,” says Jerzy Gruhn,president of Novo Nordisk, in a statement. “This smart renovationkeeps us in New Jersey, reduces the impact on our employees as wellas the environment, and allows us to meet the expanding need forour medicines.”

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