Normandy Real Estate Partners and an OVG Real Estate were involved in a joint venture consisting of two separate transactions related to the 52-acre, 700,000 square-foot Unilever corporate headquarters in Englewood Cliffs, New Jersey. Our firm led the joint venture in a set of transactions.
In the first set of transactions, the team represented Normandy in the acquisition and leaseback to Unilever of the R&D portion of the headquarters property. This transaction also included establishing a condominium regime for the property and the sale of one of the condominium units to an institutional investor, while positioning the balance of the property for future development.
In the second set of transactions, the team represented the OVG/Normandy joint venture in connection with the purchase and leaseback of the other Unilever headquarters property, with a separate transaction assigning the purchase contract simultaneously with the closing to a third-party institutional investor. This transaction also involved the negotiation of a development agreement related to the renovation and expansion of the Unilever headquarters property, which is anticipated to make the facility among the greenest and smartest commercial properties in the U.S.