WAYNE, NJ-International Paper, which acquired Union Camp Corp. last year, has moved Union’s former world headquarters off its books. The new owner is William Paterson University, which is part of New Jersey’s state college system. William Patterson University bought the 150,000-sf, 50-acre campus-style layout to expand its business school.

Insignia/ESG, Saddle Brook, arranged the deal; the sale price was not disclosed. Insignia/ESG’s James Frank, James Postell, Don Sperling and John Kaye represented both buyer and seller. As part of the transaction, Purchase, NY-based IP is making a charitable donation to the school.

According to school officials, the original plan was to expand its existing main-campus business school. Ultimately, site and other constraints made the off-campus expansion more practical.

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