Goulston & Storrs Advises Hana Asset Management-Led Consortium of South Korean Investors in Acquisition of Novo Nordisk Headquarters in New Jersey
$305 Million Investment is Largest Single-Asset Sale in New Jersey in 2016
Goulston & Storrs is pleased to announce that the firm has advised a consortium of South Korean investors led by Hana Asset Management in its acquisition 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).
The Goulston & Storrs team included New York-based attorneys Robert Bressman, Yaacov Gross, Abraham Leitner, Mallory Beberman and Frank Ditta, as well as Boston-based attorneys Doug Rosner and Tim Carter. Stacey Mordas and Ranya Margi provided paralegal support.
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.
About Goulston & Storrs
Goulston & Storrs is an Am Law 200 law firm, with offices in Boston, New York, Washington, DC and Beijing. With nearly 200 lawyers across multiple disciplines, Goulston & Storrs is widely recognized as having one of the nation’s premier real estate practices. The firm also has leading corporate, capital markets and finance, litigation, and private client and trusts practices, and has been acknowledged for excellence by Chambers USA, BTI’s A-Team for Client Service, Best Lawyers in America and other leading industry rankings. For more information, visit www.goulstonstorrs.com, follow us on Twitter @goulstonstorrs and LinkedIn, Like us on Facebook, or see us on YouTube.
Contact: Liz Cerasuolo
Telephone: (617) 574-0556