GlobeSt.com - January 23, 2007
Bristol-Myers Squibb has closed on the sale of four Central New Jersey office buildings totaling 872,551 sf to Eaton Vance. The Boston-based wealth management firm bought the buildings on behalf of its real estate investments group. The combined sale price of $283 million factors out to more than $324 per sf.
Under the terms of the sale-leaseback deal, BMS will stay in the buildings for periods ranging from eight to 12 years. Details of the lease agreement were not released. BMS officially put the buildings on the market in July 2006, specifically looking for a sale-leaseback deal. A spokesman told GlobeSt.com that the move was part of the company’s effort to “restructure its real estate holdings.”
BMS hired Princeton-based Garibaldi, Morford & Dodds/Corfac International to find a buyer. Ultimately, it was that firm’s Robert Morford, Gerald Moore Jr. and Gerald Bower Jr. who orchestrated the transaction for the pharma giant. Buyer Eaton Vance was represented in-house.
The properties include three buildings at 777 Scudders Mill Rd. here. Built in 1993, the campus consists of three, five-story class A office buildings totaling 657,408 sf that sold for a combined $230 million, or about $350 a foot. Situated on more than 100 acres within Princeton Forrestal Center, the buildings are connected by an underground service corridor and the complex has a television/media studio. The site also has final approvals for a fourth five-story building and preliminary approvals for two more buildings.
The fourth building is 100 Nassau Park Blvd., a three-story, 215,143-sf office building in Princeton. Built in 1986 and featuring a centralized three-story atrium, the building’s contribution to the final price tag was about $53 million or more than $246 per sf.
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