SOUTH BRUNSWICK, NJ-Cable communications giant Comcast has signed a lease for 60,000 sf of office space for administrative use at 1100 Cornwall Rd. within the Princeton Park Corporate Center here. The deal involves the entire third floor of the class A building, which is owned by American Landmark Properties of Skokie, IL. The signing also fills nearly half of the 125,000-sf availability at the three-story, 180,000-sf asset.
The owner was represented in the transaction by Steve Tolkach and Tom Romano of the Lawrenceville office of Newmark Knight Frank. NKF had picked up the exclusive to fill the vacant space, formerly occupied by CNA Insurance, just this past July.
Comcast, meanwhile, was represented by brokers from the Philadelphia office of Binswanger, which has had Comcast as a client for more than 20 years. The lease was described by the brokers as “long-term,” but details were not released. The available space has been listed with an asking price of $19.50 per sf, however.
“We are seeing very strong prospects for this building,” says Tolkach, a managing principal for NKF. “Recent renovations to the three-story atrium lobby and common areas combined with our aggressive rental rate have added to those prospects.”
“It is positioned to continue to see steady leasing traffic,” Romano says.
And Tolkach and Romano say that they are currently working on several other potential transactions at the property. “The expectation is that the entire building might be leased by the end of this year,” Tolkach says.
The building's recent upgrade is its second in the past several years. Owner American Landmark Properties had previously completed a makeover after acquiring the asset in 1999. Originally built in 1985 by the Seltzer Development Corp., 1100 Cornwall Rd. is situated in the northern Route 1 corridor in the greater Princeton office submarket. The property has visibility and direct access to Route 1, as well as its own heliport.
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