The sale was completed with the help of a $53-million financing package arranged by LJ Melody & Co., the real estate investment banking arm of CB Richard Ellis. The complex, which totals 225,700 sf and serves as the North American headquarters of Novo Nordisk, a pharma company, sold for $71.5 million, which factors out to $317 per sf. As reported by GlobeSt.com, the buyer--and the beneficiary of the financing--was an unidentified entity advised by the New York City-based Falcon Real Estate Investment Co. A source with knowledge of the transaction tells GlobeSt.com that the buyer is a Swiss-based investment group.
The seller was the Miami-based New Valley Corp. The latter bought the buildings a little more than two years ago from a joint venture of the assets' original developer, the Patrinely Group LLC, and Apollo Real Estate Investment Fund III LP. The sale price then was $54 million.
The newly traded buildings are within Patrinely's Princeton Corporate Center, which itself is part of the 2,200-acre Princeton Forrestal Center. Among the buildings' features are a full-service cafeteria, a fitness center and 900 parking spaces. Novo Nordisk, a maker and marketer of pharmaceutical products that specializes in the field of diabetic care, occupies about 180,000 sf, or about 80% of the buildings. American Re-Insurance is the other major tenant, occupying close to 40,000 sf.
The financing that helped close the sale transaction was arranged on behalf of the buyer by John Nelson, managing director in LJ Melody's San Francisco office. The funding was provided by Citigroup Global Markets Realty Corp.
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