The Garibaldi Group, Chatham and Princeton, N.J., represented Madison, N.J.-based Schering-Plough Corp. in its acquisition of a 1.8 million sq. ft. research and development campus in Summit, N.J., from East Hanover, N.J.-based Novartis. New York-based Cushman & Wakefield's New Jersey financial services group represented Novartis. While a transaction price was not disclosed, the site is assessed at $202 million.
The Summit R&D facility, laboratory and office complex is located on an 88-acre campus near New Jersey Route 24. The R&D and support facilities total more than 1 million sq. ft. consisting of a life science building, a safety evaluation facility, a research building, scientific information center and development building. The administrative office portion of the site totals 500,000 sq. ft.
As part of the transaction, Schering-Plough has leased the campus back to Novartis until March 31, 2003, while Novartis expands its East Hanover headquarters. Schering-Plough will begin renovations, and, subject to local approval, begin construction of a new safety evaluation facility. Schering-Plough will begin moving employees to the Summit facility by the second quarter of 2003.