Representing Horizon was Steve Tolkach, managing principal of Newmark Knight Frank's Princeton office, while Mark Hill served as Hilton's in-house leasing representative. The value of the lease was not disclosed, but sources place the property's total value at around $15 million.

"The current market climate brought about a fortunate opportunity for Horizon NJ Health to negotiate favorable terms for a long-term extension of its lease," Tolkach says. "Like many deals in today's market, we were able to restructure terms for the long haul and also gain an immediate rental savings and other important incentives for our client."

One of these incentives, according to Tolkach, is the building's location in Ewing Commerce Park, a multi-building, 350,000-square-foot-plus office and flex park situated along Interstate 95 and minutes from Trenton. "Being near the state capital is essential for Horizon NJ Health, which serves publicly insured individuals in the Medicaid and NJ FamilyCare programs," he says. "The most important point is that we were able to find a class A building, with rents that we feel are undermarket, which also allows for easy access to Trenton."