Novartis was represented in the transaction by John C. Giordano III of the Staubach Co.'s Murray Hill, NJ office. Eugene Preston and Edward Guiltinan were the in-house reps for Rockefeller. Cushman & Wakefield has the exclusive for the 60,000 sf of the asset that Novartis isn't taking.
The transaction is part of Novartis' effort to accommodate its operations while it builds out its new headquarters campus in nearby East Hanover. Last year, Novartis sold its existing Summit, NJ complex to rival Schering-Plough and embarked on a $100-million project to expand the East Hanover site, dubbed One Health Plaza, to consolidate most of its North American operations. In the meantime, Novartis has continued to lease space at the Summit campus from Schering-Plough.
"The requirement was to fulfill the needs of Novartis as far as people being displaced from the Summit location," says Giordano. He estimates that, based on a four-to-one parking ratio, about 600 Novartis administrative and sales staffers will be housed at 180 Park Ave.
"Novartis wanted a secure class A facility near East Hanover," Giordano explains. "The selected this location because it's relatively isolated in a campus setting."
Besides Novartis, AT&T is a key tenant at the Rockefeller Group Corporate Park, occupying two buildings. The site houses the telecom giant's famous Shannon Research and Development Center.
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