Case Study :: IFF – Hazlet

Property: International Flavors and Fragrances South Brunswick, New Jersey Hazlet, New Jersey Assignment: – Long term sale/leaseback of research and corporate offices totaling 645,000 square feet. Maintained off-balance sheet structure by working with treasurer, tax department, and independent auditors

Challenges:
– Provided IFF necessary alteration and expansion options within the lease documentation to maintain operational continuity
– Addressed and resolved several “post Enron” FASB related issues by working closely with independent auditors
– Execute transaction in 45 days from market to close

Conclusion:
– Raised $48 million dollars in proceeds for IFF
– Capitalized on strong desire by investment community for investment grade credit to derive an aggressive cap rate
– Executed transaction, due diligence through closing in 45 days