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Boston Commercial Real Estate

Banking on Low Risk

Earlier this month, Intercontinental Real Estate Corp chairman and CEO Peter Palandjian got a signal that commercial banks are renewing their interest in solid CRE deals.
He's so close to finishing that crossword but still made time to speak with us. With construction loans from Sovereign Bank and Wells Fargo, his company made a $215M investment to purchase and renovate a 770k SF former data center in New Jersey into the new US HQ for credit worthy Novo Nordisk. Peter says this is a limited risk transaction. The Danish healthcare company agreed to lease 563k SF for 15 years and has an option to take the entire building. The deal offers the appeal of value-add returns but the assurance of safe core qualities. Intercontinental, an SEC-registered investment adviser and integrated CRE services firm, has offices in Boston, Chicago, Denver, and LA. Hear more of Peter?s views on the national CRE market at Bisnow?s State of the Market Summit to be announced soon!

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