September 08, 2011
Sills Cummis & Gross P.C. represented Scudders Holdings LLC (“SHL”) and its developer LCOR in connection with the acquisition, financing and leasing of the property located at 800 Scudders Mills Road in Plainsboro, New Jersey. The centerpiece of this $220+ million transaction is a long term single tenant lease with Novo Nordisk, Inc., a wholly-owned subsidiary of Novo Nordisk S/A (a $50B+ market cap pharmaceutical company). Novo Nordisk is relocating its North American headquarters to the 800 Scudders Mill location resulting in the retention of 1200 jobs in Princeton area. Prior to Novo Nordisk taking occupancy, the 730,000+ square foot building will undergo a state of the art renovation that will create an estimated 500 temporary construction jobs beginning in September.
SHL is a joint venture of LCOR, Ivy Equities, and Intercontinental Real Estate Corporation. Several law firms were involved in the transaction. Sills Cummis & Gross, P.C., led by Steven R. Kamen, represented LCOR. Morrison Cohen LLP, led by Andrew Banks, represented Ivy Equities. Bradley & Associates and Mayer Brown LLP, respectively led by James Bradley and Wendy Gallegos, represented Intercontinental. Reed Smith, led by Jonathan Stark, represented Novo Nordisk. Nutter McClennen & Fish, LLP, led by Marianne Ajemian, represented Sovereign Bank, the lead bank for the project’s debt financing.