PRINCETON, NJ-Two years after picking up 100 and 150 College Rd. West for $54 million, New Valley Corp. has sold the assets to an entity advised by Falcon Real Estate Investment Co. LP for $71.5 million. The Miami-based New Valley expects the sale of the pair, which have approximately 225,000 sf of rentable space, will close in February. New Valley representatives did not return a request for additional information about the sale.

The two buildings were originally purchased from an entity affiliated with Patrinely Group LLC and Apollo Real Estate Investment Fund III LP. New Valley financed a portion of the purchase price with a four-year, $40.5-million non-recourse mortgage loan on the properties from HSBC Realty Credit Corp.

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