LAWRENCEVILLE, NJ-Prism Capital Partners, along with investment partner Angelo, Gordon & Co., has acquired Princeton Pike Corporate Center here for $121 million.

The price equates to $151 per square foot for the eight-building, 800,000 square feet office park just outside downtown Princeton. Brandywine Realty Trust was the seller.

“This was a strategic acquisition and an expansion from northern New Jersey into the Princeton marketplace,” said Eugene Diaz, principal of Bloomfield-based Prism. The submarket has been one of the few office centers showing real life in New Jersey in the last couple of quarters.

“Princeton Pike is a high-quality set of assets in a cohesive office park environment, one that also offers future development opportunities on approved land. We are very familiar with the asset, dating back to a relationship with the original developer, DKM, so this acquisition made complete sense,” Diaz said.

Prism's principal said the venture with Angelo, Gordon is a first for the two companies.

Princeton Pike Corporate Center, which is currently 90% leased, is set on 100 acres at the intersection of U.S. Route 1 and I-195.

Its buildings were completed between 1984 and 1990: They include:

• 989 Lenox Drive, 112,000 square feet, with tenants such as Wells Fargo, Langan Engineering and Sirius XM Radio
• 993 Lenox Drive, 111,000 square feet, tenanted by Stark & Stark and the Princeton Healthcare System.
• 997 Lenox Drive, 97,000 square feet, tenanted by Fox, Rothschild, Celsion and others.
• 1009 Lenox Drive, 180,450 square feet, home to MetLife, Philadelphia Insurance Co., The Segal Company and Edison Venture Fund, and others.
• 2000 Lenox Drive, 129,000 square feet, with Ono Pharma USA, Parson Brinkerhoff and Navigant Consulting as tenants among others.

Prism will manage leasing at the complex. “This is a strategically located class A asset with access from all major corridors leading to and from the Princeton area,” said Edwin Cohen, also a Prism principal. “We anticipate a great deal of interest in the property's remaining availabilities.”