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Novo Nordisk and Partnership of Ivy Equities, LCOR and Intercontinental RE Corp. Announce Lease Agreement for N.J. Pharmaceutical Company's New U.S. Headquarters
Date:8/1/2011

150,000 square feet.

"This move reflects Novo Nordisk's growth in the U.S., and our efforts in delivering leading therapies to diabetes patients and their healthcare providers," said Jerzy Gruhn, President, Novo Nordisk, Inc. "This smart renovation keeps us in New Jersey, reduces the impact on our employees as well as the environment, and allows us to meet the expanding need for our medicines."

Anthony P. DiTommaso, Jr., Co-Chief Executive Officer of Ivy Equities, stated, "We have assembled a world-class development team with nationally recognized LCOR and Intercontinental Real Estate Corporation to deliver a best-in-class headquarters location for Novo Nordisk that will effectively support the company's business objectives and provide its employees with a sustainable, technologically advanced work environment."

LCOR and Ivy Equities will execute a top-to-bottom, gut rehabilitation of the property that will strip the vintage 1985 building to its skeletal frame. The plans include replacement of the building's façade, roof, interiors and mechanical systems, and attainment of LEED certification for the building from the U.S. Green Building Council. The renovated property will feature state of-the-art electrical and mechanical systems. Granum A/I is the project's exterior design architect, while HOK is serving as the architect of record.

"This exciting, new American headquarters for Novo Nordisk will reaffirm New Jersey's status as the capital of the country's pharmaceutical industry," said LCOR executive vice president Kurt M. Eichler. "Desiring to relocate to an in-state, Class A facility, the company had explored the option of occupying a ground-up, build-to-suit building at another location. But Novo Nordisk soon recognized the enhanced value of the adaptive re-use approach presented by Ivy Realty, LCOR and Intercontinental."

Peter Palandjian, Chief Executive Officer of Intercontinental, stated, "We are thrilled to partner wit
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SOURCE Ivy Equities
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