Prism Capital Partners LLC has teamed up with Angelo, Gordon & Co. to acquire Princeton Pike Corporate Center for $121 million, which factors out to $151 per square foot.
The eight-building, class A office park, situated in Lawrenceville in Central New Jersey’s Mercer County, totals 800,000 square feet. The seller was Brandywine Realty Trust.
“This was a strategic acquisition and an expansion from northern New Jersey into the Princeton marketplace,” said Eugene Diaz, principal of the Bloomfield, N.J.-based Prism Capital Partners. “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 also very familiar with the asset, dating back to a relationship with the original developer, DKM, so this acquisition made complete sense.
“We are very pleased to begin a new relationship with our investment partner, Angelo, Gordon & Co., and we anticipate a long-term relationship with this well-respected investment advisor,” said Diaz.
The eight-building complex was approximately 90 percent leased at the time of sale. Situated on 100 acres at the intersection of U.S. Route 1 and I-195, Princeton Pike Corporate Center is just minutes from downtown Princeton.
Among the buildings, which were completed between 1984 and 1990, is the 112,055-square-foot 989 Lenox Drive, featuring such tenants as Wells Fargo, Langan Engineering and Sirius XM Radio. Totaling 111,124 square feet, the adjacent 993 Lenox Drive is tenanted by Stark & Stark and the Princeton Healthcare System. Fox, Rothschild, Celsion are among the tenants of the 97,277-square-foot 997 Lenox Drive.
Other buildings include the 180,450-square-foot 1009 Lenox Drive, which is home to MetLife, Philadelphia Insurance Co., The Segal Company and Edison Venture Fund, among others. Ono Pharma USA, Parson Brinkerhoff and Navigant Consulting head the tenant roster at the 129,000-square-foot 2000 Lenox Drive.
Prism is handling the leasing of Princeton Pike Corporate Center. “This is a strategically located class A asset with access from all major corridors leading to and from the Princeton area,” said Edwin Cohen, principal of Prism. “We anticipate a great deal of interest in the property’s remaining availabilities.”
“With this acquisition, we will utilize our best-in-class property management to extend the highest level of tenant service to the property,” said Diaz. “We will implement cost reduction measures, utilizing a competitive bidding process and cooperate with the real estate brokerage community to find creative solutions to their client’s needs.”