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Deals & Dealmakers

New owner has plan to open up more space at Princeton Place at Hopewell, N.J.

The new ownership of Princeton Place at Hopewell will launch a renovation program to create additional space opportunities from 2,000 to 16,000 s/f at the fully leased, three-building corporate campus in Hopewell.

Cushman & Wakefield’s Paul Giannone, Kevin Carton and Todd Elfand – the property’s long-time leasing agents – have been re-appointed to bring the new space to market.

In addition to bringing the new square footage to market, the ownership is revitalizing a central 30-foot high atrium as a collaborative workspace.

The same Cushman & Wakefield team, in conjunction with the Capital Markets Group (led by Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kubby Tischler) orchestrated the October trade of Princeton Place at Hopewell from American Real Estate Partners to Lindy Communities.

American Real Estate Partners, which recently completed a major renovation at the property, remains involved as asset manager.

Located at 1700, 1750 and 1800 American Blvd., Princeton Place at Hopewell serves as home to a roster of leading-name tenants including Horizon Blue Cross and Bank of America.

According to Carton, the property’s collegiate campus-style environment – with an array of recreational opportunities such as a 1.5 mile jogging trail, two ball fields, volleyball courts, basketball courts, tennis courts and a fitness center – has been a key to attracting strong credit tenants.

Until now, 1750 American Blvd. has served as a stand-alone amenity center, housing the café, conference space and indoor fitness facilities.

Lindy Communities will renovate a portion of the building to create a 14,000 s/f second-story availability with expansion potential – a direct response to sustained demand in the local market.

“This is a tremendous opportunity for a tenant looking to establish a high-density office operation at a trophy-caliber campus,” Elfand said.

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