1700 E SAINT ANDREW PLACE
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Asset Overview: Johnson & Johnson Office and R&D Lab Facility
1700 E SAINT ANDREW PLACE chart
  • Single-tenant, three-story office/R&D corporate headquarter building built in 1991, totaling 171,330 sq. ft.
  • Located in Orange County and surrounded by various life sciences and pharma companies. Submarket has a well-diversified tenant mix with compelling rent growth and absorption rates
  • Facility serves as R&D lab facility for Johnson & Johnson (JNJ)
Value-Add: Secure Income Stream in Attractive Sub-Market
  • Acquired this high quality asset in leading Orange County submarket at an estimated 30% discount to replacement cost
  • 100% NNN leased through 2022 to Johnson & Johnson (JNJ)
  • Guaranteed at acquisition by investment grade rated Abbott Laboratories (BBB) with market cap. of ~$57.6 billion
  • Viewed as strategically important facility housing corporate executives with critical R&D lab for all ocular related activities
  • Significant ongoing capital investments made by Abbott to the facility
  • Strong in-place rents 10%-15% below market and less than half of average asking rents for new construction