Unilever has sold its New Jersey-based US headquarters in a lease back deal for an undisclosed sum, according to a report published by The Record.

The Englewood Cliffs site has been purchased jointly by Dutch developer OVG Real Estate and Normandy Real Estate, who plan to redevelop and expand the existing building, transforming it into ‘one of the most intelligent, energy efficient and highly advanced corporate facilities on the East Coast’.

Unilever will lease back the 23-acre plot and offices for 18 years, with the project expected to be completed by the end of 2017.

Kees Kruythoff, President of Unilever North America claimed in a statement that the deal was ‘about improving the well-being of our people by providing them with a healthy and productive work environment, while also reducing our environmental impact and helping increase the growth of our business.”