800 Scudders Mill Road in Plainsboro
By Joshua Burd
An asset manager has secured more than $210 million to refinance a nine-building, 58-acre campus in Plainsboro that serves as Novo Nordisk’s North American headquarters.
According to Cushman & Wakefield, which represented Hana Financial Group Inc. in the deal, Deutsche Bank provided the loan for the 731,104-square-foot complex at 800 Scudders Mill Road. The transaction comes five years after Hana led an investment group’s purchase of the property for $305 million, in what was the largest single-asset sale in New Jersey in 2016.
“This asset is one of the highest-quality buildings in the market today and the continued commitment by the tenant and institutional sponsorship created competitive market terms for the refinancing,” said John Alascio, a member of C&W’s equity, debt and structured finance team.
Alascio represented the borrower alongside Alexander Hernandez, Alex Lapidus and Meredith Donovan, with Andy Merin, David Bernhaut and Frank DiTommaso of C&W’s capital markets team. In announcing the nearly $210.7 million deal, they noted that 800 Scudders Mill Road is an award-winning property located within the prestigious Princeton Forrestal Center.
Novo Nordisk, a Danish pharmaceutical giant known for diabetes treatments, has occupied the campus since 2013. The complex was constructed for and occupied by Merrill Lynch in 1985 and subsequently occupied by BlackRock, but the team of Ivy Equities and LCOR, in partnership with Intercontinental Real Estate, stripped the complex to its frame and reconstructed it for the drug maker, with Structure Tone serving as the general contractor for the project.
The developers went on to sell the property in summer 2016.