LAWRENCEVILLE, NJ-Prism Capital Partners has begun a multi-million-dollar project to make cosmetic and mechanical upgrades to its Princeton Pike Corporate Center here.
The 800,000-square-foot campus includes eight Class A office buildings, currently 90% leased..
“This is a great set of assets with excellent tenants,” said Jon Hoff of Prism. “Our goal in upgrading Princeton Pike is to gain even better competitive positioning in the regional market.”
Prism and a joint venture partner, Angelo, Gordon & Co., acquired the 100-acre campus some months ago. Bloomfield-based Prism serves as operating partner for the venture.
Current tenants include Sirius XM Radio, Wells Fargo Advisors, Stark & Stark, Princeton Healthcare Services, Fox Rothschild LLP, MetLife Solutions Group, Philadelphia Insurance Companies and Ono Pharma USA, Inc., among others.
The buildings of Princeton Pike were constructed in phases, between 1984 and the early 1990s.
Renovations are planned to the lobbies, elevator and HVAC systems and restrooms. New lighting, wall coverings, paint and carpeting are to be installed at select buildings; others will have parking lot repaving, new roofs, building skins and other exterior renovations.
At one building previously leased to a single occupant, Prism is converting common areas to accommodate multi-tenant occupancy.
“It is going to be a busy and productive 12 months,” Hoff said. “We are confident that these improvements and our best-in-class client services will further distinguish this property within the Princeton office corridor,” which has had lively leasing activity for most of the past 12 months.
Princeton Pike is located at the intersection of U.S. Route 1 and I-195, close to downtown Princeton.
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