"We feel that this site is one of the best locations in the Princeton marketplace, and we are excited to have acquired it at a very competitive price," says Dean Lundahl, senior vice president and regional managing director for Advance. "We have a lot of confidence in the Princeton area, and we will be looking to make additional commitments for well-located land sites and existing buildings in the area."

With the closing of the transaction to acquire the site, Advance has also gotten all of the development approvals that are necessary for construction of the proposed office building. The site is located at 902 Carnegie Center along Route 1, adjacent to an existing AmeriSuites Hotel, just outside of the town of Princeton. A development timeline for the building was not disclosed.

The project marks Advance Realty's second property in the Princeton market -- the company had earlier completed Metro Office Center III in the neighboring community of West Windsor. Advance has also received necessary development approvals for the proposed three million-sf Sarnoff Research Center on land owned by the Sarnoff Corp., a research firm. That project, also in Princeton, will include a new, expanded headquarters facility for Sarnoff, as well as extensive space for other R&D-related firms.