PRINCETON, NJ- The Urology Group of Princeton signed a long-term lease for 5,175 square feet at Princeton Forrestal Village here. The office will be a conversion of retail space at the center.
The deal brings Princeton Forrestal Village to approximately 90% leased, Daniel Ackerman, senior director of leasing for Rutherford, NJ-based Lincoln Equities, a co-owner of the project with Investcorp International Inc, and Lincoln Equities Group, tells GlobeSt.com. Lincoln and Investcorp acquired the property through IVC PFV, LLC six months ago. About 50,000 square feet remains to be leased at the 550,000-square foot mixed-use project.
“Some of this will be converted from retail spaces, as we did for the Urology Group,” Ackerman says. “But we also are looking to attract new regional mom-and-pop retail.” Rents in the area range from $13 per square foot to $42 per square foot, according to LoopNet.
The Urology Group of Princeton is one of the oldest urology groups in New Jersey, and its proximity to the relocating University Medical Center of Princeton to Plainsboro was a major factor in the location. “Businesses, not just medical groups are attracted to this facility,” Ackerman says. Lincoln’s goal is to see the project’s leasing in the high 90 percents within 12 to 24 months.
Located on Route 1, Princeton Forrestal Village includes retail, office and restaurant uses on 42 acres. Other tenants include David Lerner Associates, Inc., Tetra Tech, Inc., Reed Smith LLP, North American Electric Reliability Council, and Gallagher Briody & Butler.
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