Zoetis Services | Corporate Headquarters

Property Description

The Zoetis Corporate Headquarters is a three-story, 125,735-square-foot office facility (the “Property”) fully leased to Zoetis Services LLC (the “Tenant”) and guaranteed by the Tenant’s parent company, Zoetis Inc (“Zoetis” or the “Company”) (NYSE: ZTS). Originally constructed in 1984, the Property went through a complete renovation in 2015 concluding in 2016, which transformed the Property from the inside out to a brand new state of the art headquarters with finishes, quality levels, building envelope and infrastructure commensurate with other newly constructed Class “A” office buildings in the market.

Zoetis Inc. is the world’s market leader in the animal pharmaceutical industry and garners an approximate 20% market share. Zoetis carries a Baa1 investment grade credit rating from Moody’s and currently has a market capitalization of $26.7 billion with a diverse customer base across the world.

Business Essential Attributes

The Property serves as the corporate headquarters for Zoetis, housing the majority of Company’s C-Suite, including the CEO and CFO, in addition to a number of supporting functions including their tax, finance, legal, HR, and IT departments. The Tenant’s long-term commitment to the Property is highlighted both by the recent 12-year lease and the fact that they will be spending additional capital above the tenant improvement allowance.

Additional Property Information

Conveniently located near Interstate 80 and Interstate 287, which are two of New Jersey’s main highways, the Property is within a 10 minute drive of Morristown, 20 minute drive from Newark, 27 minute drive of Newark Liberty International Airport and 35 minute drive of New York City. This Property is situated within the 600-acre Mack-Cali Business Campus (“Campus”) in prestigious Morris County, New Jersey. The Campus is one of the largest corporate campuses in the state and it is comprised of 18 Class “A” buildings totaling 2.6 million square feet. There are numerous large national corporations that are located in the Campus, including Wyndham Worldwide Corporation (occupied by two buildings that are separately owned by Griffin Capital Essential Asset REIT, Inc. and Griffin Capital Essential Asset REIT II, Inc.), Tiffany’s, T-Mobile, Avis, GAF, Securitas, The Medicine Company and FedEx.

Zoetis Services | Corporate Headquarters

Parsippany, NJ

PROPERTY AT A GLANCE

Property Profile
Property Type:
Three-Story Office Property
Square Footage: 125,735
Leased: 100%
Lease Expiration: December 31, 2028
Renewal Option(s):
Two (2), 5-year extensions with at least 15 months’ notice
Rent Increase(s):
2.00% annual rent escalations
Tenant: Zoetis Services LLC
Parent/Guarantor: Zoetis Inc.
Website: www.zoetis.com
NASDAQ*: ZTS
*Website and stock ticker symbol are for Zoetis Inc., the Parent company of the Tenant, and guarantor on the lease.

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This material must be read in conjunction with the applicable prospectus in order to understand all the implications and risks of any offering of securities to which the material relates. If you have not previously reviewed a prospectus, click here. Otherwise, to proceed, agree to the Terms and Conditions and Privacy Policy of this website.

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. THIS SALES AND ADVERTISING LITERATURE MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH IT RELATES. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH THIS OFFERING. NO OFFERING IS MADE TO NEW YORK RESIDENTS EXCEPT BY A PROSPECTUS FILED WITH THE DEPARTMENT OF LAW OF THE STATE OF NEW YORK. NEITHER THE SECURITIES AND EXCHANGE COMMISSION, THE ATTORNEY GENERAL OF THE STATE OF NEW YORK NOR ANY OTHER STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THE PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. AN INVESTMENT IN GRIFFIN CAPITAL ESSENTIAL ASSET REIT II, INC. INVOLVES A HIGH DEGREE OF RISK AND THERE CAN BE NO ASSURANCE THAT THE INVESTMENT OBJECTIVES OF THIS PROGRAM WILL BE ATTAINED. 

Risk Factors: An investment in Griffin Capital Essential Asset REIT II, Inc. involves a high degree of risk and there can be no assurance that the investment objectives of this program will be attained. Some of the risks associated with this offering include the following: this is a “best efforts” offering and some or all of our shares may not be sold; no public market currently exists for our shares; it may be difficult to sell your shares, and if you do, it will likely be at a substantial discount; the purchase and redemption price for shares of our common stock will be based on the NAV of each class of common stock; we must depend on our advisor to conduct our operations; we will pay substantial fees and expenses to our advisor; there are substantial conflicts of interest among us and our sponsor, advisor, dealer manager and property manager; we may use substantial debt to acquire our properties; we may fail to continue to qualify as a REIT; our share redemption program is subject to available liquidity and other significant restrictions and we may amend, suspend or terminate the share redemption program at any time; a portion of the offering proceeds may be used to redeem or repurchase our shares; and future distribution declarations are at the sole discretion of the board of directors and are not guaranteed. We may fund a portion of our distributions from offering proceeds or from borrowings in anticipation of future cash flows, some or all of which may be a return of capital. 

close

Please Accept

The Griffin Capital Essential Asset REIT II, Inc. website is available for use subject to its Terms and Conditions and our Privacy Policy. Please click on the highlighted terms to review these. To review a summary of the risk factors related to an investment in the Griffin Capital Essential Asset REIT II, Inc. program  click here.

This material must be read in conjunction with the applicable prospectus in order to understand all the implications and risks of any offering of securities to which the material relates. If you have not previously reviewed a prospectus, click here. Otherwise, to proceed, agree to the Terms and Conditions and Privacy Policy of this website.

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. THIS SALES AND ADVERTISING LITERATURE MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH IT RELATES. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH THIS OFFERING. NO OFFERING IS MADE TO NEW YORK RESIDENTS EXCEPT BY A PROSPECTUS FILED WITH THE DEPARTMENT OF LAW OF THE STATE OF NEW YORK. NEITHER THE SECURITIES AND EXCHANGE COMMISSION, THE ATTORNEY GENERAL OF THE STATE OF NEW YORK NOR ANY OTHER STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THE PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. AN INVESTMENT IN GRIFFIN CAPITAL ESSENTIAL ASSET REIT II, INC. INVOLVES A HIGH DEGREE OF RISK AND THERE CAN BE NO ASSURANCE THAT THE INVESTMENT OBJECTIVES OF THIS PROGRAM WILL BE ATTAINED. 

Risk Factors: An investment in Griffin Capital Essential Asset REIT II, Inc. involves a high degree of risk and there can be no assurance that the investment objectives of this program will be attained. Some of the risks associated with this offering include the following: this is a “best efforts” offering and some or all of our shares may not be sold; no public market currently exists for our shares; it may be difficult to sell your shares, and if you do, it will likely be at a substantial discount; the purchase and redemption price for shares of our common stock will be based on the NAV of each class of common stock; we must depend on our advisor to conduct our operations; we will pay substantial fees and expenses to our advisor; there are substantial conflicts of interest among us and our sponsor, advisor, dealer manager and property manager; we may use substantial debt to acquire our properties; we may fail to continue to qualify as a REIT; our share redemption program is subject to available liquidity and other significant restrictions and we may amend, suspend or terminate the share redemption program at any time; a portion of the offering proceeds may be used to redeem or repurchase our shares; and future distribution declarations are at the sole discretion of the board of directors and are not guaranteed. We may fund a portion of our distributions from offering proceeds or from borrowings in anticipation of future cash flows, some or all of which may be a return of capital.