NEW YORK, Aug. 12, 2016 /PRNewswire/ -- Hana Asset Management has led a consortium of South Korean investors in its acquisition today of Novo Nordisk's 762,000-square-foot North American headquarters in Plainsboro, New Jersey with an investment of $305 million. This marks the largest single-asset sale in New Jersey to date in 2016.
The Class A property, which sits in the heart of the Princeton market, includes nine interconnected buildings on 59 acres, with Novo Nordisk currently occupying 498,000 square feet on a net lease basis with expansion rights.
The acquisition is the latest in Hana's program to acquire core office properties in the metropolitan areas of major U.S. cities, such as New York, Washington DC, Chicago, Houston and Seattle. Hana also targets specialized investments in Class A office, retail and logistics space. Hana-led funds and consortiums previously acquired the Bechtel office building in Houston for a price of $171 million, the Harbour Office Building in Washington DC for a price of $373 million, and 333 Market Street in downtown San Francisco for $516 million (subsequently sold).
Situated in the amenity-rich Princeton Forrestal Center Office and Research Park, 800 Scudders Mill Road was originally constructed for and occupied by Merrill Lynch in 1985 and subsequently occupied by BlackRock. Novo Nordisk entered into a lease agreement in 2011 to take occupancy upon completion of a full redevelopment of the property, which was completed in April 2013. Novo Nordisk had originally entered the Princeton office market in 1999 and has continued to expand ever since.
About Hana Asset Management
Hana Asset Management, a member of the Hana Financial Group, focuses on alternative investments including advanced financing instruments and developing new products and services through collaborations with members of the Group. With $3.3 billion of assets under management, it was Korea's first asset management company to specialize in real estate investments, including direct investments in domestic and offshore real estate, real estate securities and asset-backed securities. The company recently expanded its business to incorporate special asset fund management, such as aircraft financing funds and M&A funds.
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SOURCE Hana Asset Management