Sunday, July 23, 2006

Bristol-Myers Squibb Pursuing Sale Leaseback of 900,000 SF Office Campus in Princeton - July 20, 2006

Pharma giant Bristol-Myers Squibb is putting a total of 900,000 sf of office space on the market at two locations here as the company restructures its real estate holdings, has learned. And company officials say they're looking for a sale-leaseback deal. 'The company will remain at both sites and sign long-term leases,' a spokesman says.

And BMS has hired locally based Garibaldi, Morford & Dodds/Corfac International to advise it on the offering, has learned. Handling the assignment are Robert Morford, Gerald E. Moore Jr. and Gerald A. Bower Jr. of Garibaldi's Financial Services Division.

"This portfolio is well positioned," Morford tells GlobeSt. "It should attract investors seeking quality, well-located office space leased to a credit tenant that's committed to the community."

The two locations are 777 Scudders Mill Rd. and 100 Nassau Park Blvd. here. Built in 1993, 777 Scudders Mill Rd. is situated on approximately 106 acres within Princeton Forrestal Center. The property consists of three, five-story office buildings connected by an underground service concourse. Among the concourse's amenities is a television/media studio. The site also has final approvals in place for a fourth five-story office building, as well as preliminary approvals for two additional buildings.

The 100 Nassau Park Blvd. property, meanwhile, was built in 1986. It consists of a three-story class A office building with a centralized atrium. Sphere: Related Content

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