GlobeSt.com EXCLUSIVE: Advance Set to Build 140,000-SF Office Building

PRINCETON, NJ-Advance Realty Group has closed on the acquisition of a building site within this Central New Jersey market’s Carnegie Center, and will promptly launch the development process for a five-story, 140,000-sf class A office building. Advance Realty, based in Bedminster, NJ, has also signed Cushman & Wakefield of New Jersey, East Rutherford, as the exclusive leasing agent for the asset. Details of the site acquisition were not disclosed.

“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.