"Rents in Princeton are now averaging in the mid-$20s, down from the upper-$20s less than 18 months ago," Marano says. And while vacancy factors in Princeton are currently 16% to 17%, well below the statewide average, they still reflect a significant number of tenants lost.

"National Business Parks has always done whatever it can do to retain its tenants, which has been our operating policy in good times and poor," Marano adds. "We have continued to update our buildings with sophisticated HVAC systems, technological updates and remodeling programs that involve such luxury installations as granite flooring and specially designed lighting systems throughout public spaces."

The attention to detail is paying off, as the 815,000-square-foot center is now 97% occupied, with firms opting to renew in what is clearly a tenants' market, notes Marano. "In our business it's very straight forward--without jobs, there's no need for real estate. So from our point of view new jobs are the imperative."

Two fully approved additions are planned for College Park, including College Park 2, a five-building office/research center containing 345,000 square feet on a 31-acre site adjacent to the existing College Park campus, and College Park 3, a four-building premier corporate office center on a 47-acre site contiguous to the College Park campus. Both new complexes will be developed on a build-to-suit basis.