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More Squibb: New Jersey Office Sent to Special Servicing

According to April remittance data, the $40.0 million 100 Nassau Park Boulevard was recently sent to special servicing. Scheduled to mature in February 2017, the loan makes up 2.40% of the remaining collateral behind BSCMS 2007-PW15.

The loan is backed by a 215, 143 square-foot, three-story office building in West Windsor, New Jersey. E.R. Squibb and Sons, LCC, a subsidiary of the biopharmaceutical firm Bristol-Myers Squibb, is the sole tenant with a lease that expires in December 2016.

Bristol-Myers Squibb plans to consolidate and relocate a portion of its operations from existing leased locations to a newly constructed facility on company-owned land in Lawrenceville, New Jersey. The firm plans to move to the new 650,000 square-foot facility after it opens by the end of 2016. At the moment, the property is being marketed to new tenants. Bristol-Myers is interested in a 10-year lease for 62,000 square feet and several other tenants have signed on for office space at the property.

The consolidation of Bristol-Myers Squibb has recently affected two other CMBS loans. The firm is the sole tenant of the properties backing the $53.2 million 777 Scudders Mill Road – Unit 2 and the $60.7 million 777 Scudders Mill Road – Unit 3 loans. Bristol-Myers Squibb also plans to relocate to the Lawrenceville facility by the end of this year. The loans comprise 3.18% and 3.63% of the BSCMS 2007-PW15 deal, respectively. Both loans have also been transferred to special servicing.

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