The lease at the Patrinely Group-owned building runs for a term of 15 years. Further terms were not released; new class A space in the immediate market generally runs in the $30 per sf range. The Houston-based Patrinely completed the building two years ago at the cost of $20 million, and is the overall developer of the Princeton Corporate Campus.
Novo Nordisk currently occupies much of the multi-tenant buildings at 100 and 150 College Rd. West, which total 225,000 sf. The two buildings were developed by Patrinely, which has a regional office in Princeton, but sold a few years ago. They are currently in the hands of a Swiss-based investment group. Novo Nordisk will retain its existing offices across the road.
"We consider New Jersey a partner in our success and growth," says Novo Nordisk president Jerzy Gruhn, in a statement. "The state's commitment to economic development, its strategic location, highly educated workforce and reputation as a leader in the pharmaceutical and life science industries were deciding factors in our expansion decision."
According to information released by the New Jersey EDA, Novo Nordisk is getting $5.4 million in Business Employment Incentive Program money from the state in exchange for a pledge to create a minimum of 211 jobs. The company is getting an additional $1.8 million of incentives, according to NJ EDA.
"It's rare that we can make an announcement that's a public-policy trifecta: Good for public health, good for the economy and good for the environment," says Gov. Jon Corzine, in a statement. The latter is a reference to a "green" fit-out for Novo Nordisk's occupancy.
"This facility will help diabetes patients around the world, and it will create good jobs for our highly trained New Jersey workforce," Corzine says. As part of the build-out for Novo Nordisk, the building will get a training facility said to be able to accommodate 100 employees simultaneously.
Company officials say they will begin occupying 1100 College Rd. in stages by later this spring. This latest expansion by the company follows its establishment, not long ago, of a research facility at the NJ EDA-developed New Jersey Technology Centre a bit to the north along Route 1 in North Brunswick. Altogether, Novo Nordisk employs 26,000 in 80 countries and markets its products in 179 countries.
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