Asset Overview: Johnson & Johnson Office and R&D Lab Facility
- 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