LAWRENCEVILLE, NJ—A pharmaceutical samples management firm, a law firm, and a financial services firm have leased space totaling nearly 57,000 square feet at Princeton Pike Corporate Center in Lawrenceville, acquired in 2013 by Prism Capital Partners, LLC with Angelo, Gordon & Co.
The new leases reflect growing regional leasing momentum and stepped-up interest sparked by a multi-million-dollar capital improvement program at the eight-building, Class A office campus.
“The improving economy has brought renewed velocity to the office leasing market, with companies coming off the sidelines to make strategic real estate decisions as they position themselves for growth,” says Edwin Cohen, a principal partner with Prism Capital Partners. “The Princeton submarket, in particular, is seeing significant interest, and our latest leases – including one relocation from out of state – speak to its appeal.”
Cohen noted the capital improvements underway at Princeton Pike Corporate Center have elevated the property's profile in recent months. Lobby renovations; elevator and HVAC modernizations; updated restrooms; and new lighting, wall coverings, paint and carpeting are among the various upgrades underway at select buildings. Parking lot repaving, new roofs, building skins and other exterior renovations are being made at others.
J. Knipper and Company, Inc., which provides end-to-end samples management services to the U.S. pharmaceutical industry, leased 23,000 square feet of garden-level space at 1009 Lenox Drive. Headquartered in Lakewood, NJ, the firm recently acquired a Pennsylvania-based company; the lease at Princeton Pike Corporate Center will accommodate the relocation of that division. Sab Russo from Mercer Oak Realty served as tenant broker in the long-term transaction.
National law firm Eckert Seamans Cherin and Mellott, LLC committed to 22,550 square feet on second floor of Princeton Pike Corporate Center's 2000 Lenox Drive. The Pittsburgh-based practice, which will relocate its regional office to the property from Trenton, was represented by Ed DaCosta from CBRE in the long-term lease.
At 1000 Lenox Drive, financial services firm Management Planning, Inc. leased 11,370 square feet. The company – which provides tax-based valuations, valuations for financial reporting purposes, and transaction and advisory services – will take occupancy of its third-floor space in a relocation move from another Princeton-area address. Roby Bull from Jones Lang LaSalle served as tenant broker in that long-term deal.
“We are committed to providing an environment that fosters both tenant retention and new leasing interest,” Cohen says. “Our recent surge of leasing activity indicates that we are on the right track.”
Located on 100 acres at the intersection of U.S. Route 1 and I-195, Princeton Pike Corporate Center is just minutes from downtown Princeton. The campus offers a cohesive office park environment as well as future development opportunities on approved land. Princeton Pike is over 90 percent leased. Other key tenants include Sirius XM Radio, Morgan Stanley, Wells Fargo Advisors, Stark & Stark, Princeton Healthcare Services, Fox Rothschild LLP, Albridge Solutions (division of Pershing), and MetLife Solutions Group, among others.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
