Ivy Realty has sold the Plainsboro headquarters of drug maker Sandoz for nearly $64 million in a deal brokered by Cushman & Wakefield, the real estate services firm said.
The 154,100-square-foot building at 100 College Road West was sold to an affiliate of American Realty Capital, the brokerage firm said in a news release. The three-story property is fully occupied by Sandoz, which recently signed a 12-year lease there.
Andrew Merin, David Bernhaut, Gary Gabriel and Grace Braverman of Cushman & Wakefield’s East Rutherford-based Metropolitan Area Capital Markets Group represented Ivy Realty, the news release said.
The building off Route 1 was constructed in 2000 as the U.S. headquarters for Novo Nordisk, which later expanded and moved to another building in Plainsboro.
“This transaction occurred before the availability was formally announced,” Merin said in a prepared statement. “This sale is clear evidence of the level of demand by investors for class A properties occupied by high-credit, long-term tenants.”
He also noted that the Princeton/Route 1 submarket’s vacancy rate is 12.7 percent, the lowest in the state, and that it “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,” Merin said. “That is another key reason why an investment opportunity such as 100 College Road West does not remain available for very long.”
ALSO ON NJBIZ:
Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.View Comment Policy