Case Study :: Celanese / Ticona – Summit

Property: Celanese / Ticona 86-90 Morris Avenue Summit, New Jersey Assignment: – Prepare a Property Strategic Assessment for a 414,396 square foot, 15 building Research & Development headquarters campus – Site Evaluation analysis of user group utilization and various strategic options including sell vacant versus short and long term sale leaseback – Implemented an exclusive web based marketing program

Challenges:
– Minimize impact of sale on P & L and maximize benefit of net loss carry forwards
– User specific materials and chemical laboratory campus (i.e. special use)
– Campus zoning limited possible alternative uses

Conclusion:
– Completed Property Strategic Assessment and implemented property sale
– Property sold to Celgene, Inc. a global biotech company