EWING, NJ Newmark Grubb Knight Frank's Princeton office has completed three recent office transactions along the I-95 corridor in Ewing Township that add up to more than 100,000 square feet of positive absorption in the submarket.
CENLAR Federal Savings Bank, the country's largest mortgage sub-servicer, leased 21,000 square feet at 275 Phillips Boulevard last fall, and on the heels of that lease, the company leased 62,000 square feet at 370 Scotch Road in January. Steve Tolkach, Executive Managing Director of NGKF's Princeton office represented CENLAR in each of those transactions.
Tolkach also completed a recent 19,300-square-foot lease for Horizon NJ Health, also at the 370 Scotch Road property.
"The Princeton submarket has been one of the strongest niche markets in the state, and the I-95 corridor has performed particularly well," said Tolkach. "Our recent transactions are not the typical lease renewals that most of the market is currently seeing. They are expansions, which means 100% absorption in the market.”
He said the two deals will account for a 2% dip in the vacancy rate for the I-95 corridor so far this year.
Church & Dwight's move into new headquarters in Ewing last year, and the sale of the Merrill Lynch property in Hopewell were major deals affecting the area, Tolkach noted, adding “More activity is in the works in the 95-corridor for the remainder of 2013."
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