Boston, MA, - August 11, 2016 – Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development, and management firm headquartered in Boston, MA, announced the disposition of 800 Scudders Mill Road in Plainsboro, New Jersey. This deal marks the largest single-asset sale in New Jersey to date in 2016.
In 2011, Intercontinental purchased 800 Scudders Mill Road, a 761,824 square foot Class A office campus, in a joint venture partnership with Ivy Equities and LCOR, Inc. Together, they redeveloped the property delivering completion of the Novo Nordisk North American Headquarters in 2013. The recent redevelopment is estimated to have created 448 full time union jobs. The LEED Silver-certified office building is comprised of nine interconnected buildings on approximately 58 acres of land. Property amenities include a fitness center, covered parking, concierge services, cafeteria, rooftop terrace and outdoor kitchen.
Peter Palandjian, CEO of Intercontinental commented on the sale saying, “Intercontinental has strong conviction about the terms and timing of the disposition. We were very pleased with outcome. Through this purchase, we were able to provide our investors with an excellent risk adjusted financial return while at the same time creating substantial union labor jobs. Our partners, Ivy Equities and LCOR were world class to work with, from start to finish. We are looking forward to many more opportunities in the greater New York and New Jersey region.”
About Intercontinental: Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed or owned over $10 billion in real estate property. Today, Intercontinental manages a portfolio in excess of $6 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects. For more information visit www.intercontinental.net