LCOR, Ivy Equities and Intercontinental complete $215 million redevelopment of LEED Silver Novo Nordisk Headquarters
2013.6
Developer/Partner..................................LCOR
Developer/Partner............................Ivy Equities
JV/Partner.........Intercontinental Real Estate
Construction Manager........Structure Tone Inc.
MEP/FP....................................................AKF
Waste Mgmt........Premier Facility Mgmt. (PFM)
Structural Engineer...................Ysrael A Seinuk
Civil Engineer........................... Van Note-Harvey
Exterior/Interior Design Architect .... granum/ai
Base Building Design Architect......................HOK
PLAINSBORO, NJ LCOR and Ivy Equities, in joint partnership with Intercontinental Real Estate Corp., officially
opened the U.S. Headquarters for Novo Nordisk.
The Novo Nordisk Headquarters, located at 800 Scudders Mill Rd., is a paramount example of adaptive
re-use within New Jersey’s office redevelopment market, incorporating 95% of recycled material from the previous
facility.
Ivy Equities, LCOR and Intercontinental’s redevelopment efforts took a bold approach, creating one
of the largest commercial real estate transactions in the state of New Jersey, a well thought-out and successful
build-to-suit gut-renovation and a project that has brought tremendous economic growth to the state.
In August 2011, Novo Nordisk and the joint venture led by Ivy Equities and LCOR partnered with Intercontinental
Real Estate Corp., which provided the equity funding for the project, announced their plans to redevelop the
existing office building, which was previously home to Merrill Lynch. Novo Nordisk signed a long-term lease
for the entire building, with initial phase of occupancy approximately 563,000 s/f and the option to take the
balance of the space within the building at any time.
After an extensive search, the Northeast Council of Carpenters (NRCC) retained Intercontinental to advise
the union’s pension investments in a strategic program that would benefit the state of New Jersey in a substantial
local construction project.
In addition to NRCC’s lead investment of $75 million, the New Jersey Laborers Statewide Pension Fund, the IUOE Local 825 Pension Fund and the International Union of Bricklayers and Allied Craftworkers Local
5 Pension Fund were also participating investors, for a combined total of $130 million. A $215 million redevelopment project to completely renovate and upgrade the office building for Novo Nordisk, this deal represented one of the New Jersey’s largest commercial real estate transactions.
Ivy Equities and LCOR executed a top-to-bottom, gut rehabilitation of the 770,000 s/f office building in the
Princeton Forrestal Center. The teams’ redevelopment efforts stripped the vintage 1985 building to its skeletal
frame, replacing the building’s façade, roof and interior.
The renovated property also features state-of-the-art electrical and mechanical systems. LCOR and Ivy Equities
successfully attained LEED Silver certification for the building from the U.S. Green Building Council.
This redevelopment project has brought positive economic outcome to the state of New Jersey, fostering an
environment conducive to growth, business expansion and job creation. The building’s construction created
approximately 500 union construction jobs for the state of New Jersey.
A perfect example illustrating that the New Jersey suburban office market holds vast potential for growth, The
Novo Nordisk Headquarters is one of the few projects that has reinvigorated the New Jersey redevelopment market
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ivy equities
http://www.ivy-realty.com/
Ivy Realty was founded in 1996 to acquire commercial real estate in the northeastern United States and later expanded into southeastern Florida. Since our inception, we have built a reputation as one of the finest real estate operators in the market having acquired over $1.5 billion and 11 million SF in commercial real estate assets.
We employ a patient and focused investment strategy concentrating in areas where we have superior market knowledge and value-added relationships. This focus enables our operating company to uncover and create value at the asset level. Our “on the ground” presence is essential in enabling us to consistently outperform the macro market and deliver superior returns to our investors
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LCOR
http://www.lcor.com/Pages/default.aspx
LCOR is a fully integrated investment, management and development company with a 30+ year track-record of creating unique opportunities and successful execution of large-scale profitable projects. Our proven history and established capital relationships have helped us pioneer the many public/private partnerships that are a trademark of our success. In 2012 LCOR recapitalized the company with the California State Teacher's Retirement System and the resulting new platform, with a significant asset and capital base, is poised for strategic portfolio growth.
Our specialty in developing core urban mid- and high-rise properties, including large-scale multifamily, commercial, and mixed-use properties, has generated strong investment returns while enhancing the quality of life for residents, office workers and shoppers, alike. Our real estate operating and development business manages more than 7,400 multifamily units, 7.5 million square feet of commercial space and a substantial development pipeline of mixed use real estate in core markets. Nationally, we have developed more than 21,000 residential units and 18+ million square feet of commercial space. We are principally focused in the eastern United States, with offices in New York City and the Washington D.C. and Philadelphia metro areas.
We actively seek acquisition and redevelopment opportunities, particularly those where our core investment and asset management skills can be employed to reposition or otherwise create value for older or troubled assets. Our third-party residential property services are a prime example of this integration of expertise to the benefit of both investors and residents.
Members of the senior executive team have worked together for more than 25 years and LCOR vice presidents and other professionals average more than two decades of real estate experience. This depth of talent supports a significant alignment of interests between senior management and the success of the company's projects.
Fairness, transparency and an appropriate and reasonable sharing of risk and reward with capital partners, including premier global equity and debt providers, characterize our transactions. This sense of partnership extends beyond finance to also include brokers, other developers and landowners.
LCOR was formed in 1992 to continue the legacy of The Linpro Company and address the need for third-party advisory and consulting services, development and investment activities and to assist government agencies and public authorities in maximizing the value and utility of their real estate
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Intercontinental Real Estate Corporation
http://www.intercontinental.net/
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 $8 billion in real estate property. Today, Intercontinental manages a portfolio in excess of $4 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.