Categorized | Commercial

Boston’s Intercontinental Real Estate Corp Lands Major NJ Development Deal

Please Share!

In what is certainly the biggest commercial real estate deal this year in the state of New Jersey, Intercontinental Real Estate Corp. has booked a $215 million development deal to renovate the new United States headquarters of Novo Nordisk. Novo Nordisk is one of the biggest Danish drug makers.

The deal is certainly a strong one for Intercontinental Real Estate Corp, a real estate firm based out of Boston, Massachusetts. It also reflects the possibility that banks still believe that the commercial real estate market may be on its way back. Wells Fargo and Sovereign Bank have agreed to provide the financing for the deal, though it is believed that more lenders may decide to enter into the process.

The project is the biggest that Intercontinental Real Estate Corp. has booked since before the commercial real estate crash, and will involve the renovation of the 770,000-square-foot office in New Jersey. The newly renovated office will place Danish drug maker Novo Nordisk, which is primarily known for its diabetes treatments, alongside a variety of other major drug makers who have offices and labs in the area.

The renovation work planned for the project will not only benefit both companies involved, but also the areas in which they are both located. The deal is expected to lead to the creation of over five hundred construction jobs.

While it is not clear as to whether this deal is an indication of a commercial real estate market rebound, it definitely is good news for all the parties involved.

Please Share!

About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

Leave a Reply

Twitter Chat