Zoetis Global Headquarters

10 Sylvan Way is a 125,735 square foot, three-story office building originally constructed in 1985. Normandy acquired the property through a deed-in-lieu of foreclosure transaction and strategically vacated the building in order to target a headquarters user seeking a full-building facility. While marketing the property to potential users, Normandy obtained the necessary approvals for a complete redevelopment including fully demolishing the existing improvements to the structural steel and increasing the parking ratio by constructing a new structured parking facility. Prior to undertaking the capital improvements, Normandy secured a 12-year lease with Zoetis to serve as its global headquarters. Normandy and Zoetis collaborated during the design process to provide Zoetis a brand new Class A office environment at a discount to new construction costs.  Upon completion of the redevelopment and commencement of the lease, Normandy sold the asset.