The Birch Group announced the $47.3 million acquisition of 600 and 700 Alexander Park, a two-building portfolio in Princeton, N.J.
Led by CEO and founder Mark Meisner of The Birch Group, along with a group of local investors including 2020 Vision Group, the Princeton submarket was targeted for Birch’s continued strategic expansion, identifying the region as one of the premier business centers in the state.
The acquisition builds on the company’s recent $255 million portfolio purchase in Short Hills, and further enhances its keen focus on acquiring high-quality office assets in premier suburban submarkets across Northern and Central N.J
The 213,000 s/f Princeton portfolio comprises two Class A office buildings located on separate parcels. The three-story 600 Alexander Drive consists of 141,176 rentable square feet, and the three-story 700 Alexander Drive offers 71,934 rentable square feet.
Kevin O’Hearn and Jose Cruz from JLL represented BentallGreenOak, the seller, as well as the buyer in the transaction, and Greg Nalbandian from JLL secured the debt. JLL is also being retained by The Birch Group as the exclusive office leasing agent for the properties.
“Princeton is a key regional target that continues to experience heightened demand due to its location, access to top local talent, and storied history as one of the most prestigious and sought-after areas in the state, largely driven by the appeal of and proximity to Princeton University,” said Meisner said.
“Several large, notable companies have recently relocated to or expanded in this market, including leaders in the pharmaceutical, life science and financial industries, and we’re confident this property will attract additional high caliber organizations seeking to tap into the local talent and establish long-term roots in the region.”
600 Alexander Drive (pictured top) is a single-tenanted building leased to Mathematica, a national policy research firm with eight offices across the country.
700 Alexander Drive (above) is currently leased at 70 percent to a tenant roster that includes Robert Half International and Buchanan Ingersoll and Rooney, a national law firm.
The property features a cafeteria with indoor and outdoor seating, fitness center, tenant lounge, parking and a two-story atrium lobbies. The property also features a pond with a decorative fountain between the buildings, which is surrounded by manicured walking paths.
“Alexander Park is one of the highest quality assets within the Princeton submarket, a region known for its historically high occupancy rates and convenient access to major retail corridors, commercial centers, and mass transit options,” said O’Hearn, senior managing director of capital markets at JLL. “When you factor in The Birch Group’s track record of successfully implementing capital improvement strategies that create enduring value for its tenants and investors alike, we’re confident this property will be extremely well-positioned to attract a wide range of companies seeking a quality office space in a prime location.”
With the acquisition, The Birch Group has now acquired roughly $797 million of commercial office assets since 2019 and continues to push forward its suburban office expansion strategy.