Unilever, Englewood Cliffs, NJ
Through two separate acquisitions, one in a joint venture, Normandy took control of two large office facilities located at 700 and 800 Sylvan Way in Englewood Cliffs, NJ. Situated high above the Hudson River and looking over Manhattan, the properties have been home to the North American headquarters of Unilever, the global food and consumer products company, and its predecessor companies for over 50 years. Unilever was seeking to create a newly renovated headquarters office space, preserve a critical research and development facility, and shed surplus space after a short swing term. Normandy’s leasing and asset management teams went to work structuring three lease agreements to maximize the opportunity to monetize the long-term Unilever leasebacks while retaining the excess space for redevelopment for third party tenants. Normandy completed a sale of the long-term leased office and research and development properties to single-tenant credit investors shortly after lease execution. Normandy is currently marketing for lease the remaining portion of 800 Sylvan Way that can accommodate a 270,000 square foot user for occupancy in 2020.