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Prism Acquires $121M Princeton Office Center
globest.com
Antoinette Martin
May 20, 2013
Original Article

LAWRENCEVILLE, NJ-Prism Capital Partners, along with investment partner Angelo, Gordon & Co., has acquired Princeton Pike Corporate Center here for $121 million.

The price equates to $151 per square foot for the eight-building, 800,000 square feet office park just outside downtown Princeton. Brandywine Realty Trust was the seller.

"This was a strategic acquisition and an expansion from northern New Jersey into the Princeton marketplace," said Eugene Diaz, principal of Bloomfield-based Prism. The submarket has been one of the few office centers showing real life in New Jersey in the last couple of quarters.

"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 very familiar with the asset, dating back to a relationship with the original developer, DKM, so this acquisition made complete sense," Diaz said.

Prism's principal said the venture with Angelo, Gordon is a first for the two companies.

Princeton Pike Corporate Center, which is currently 90% leased, is set on 100 acres at the intersection of U.S. Route 1 and I-195.

Its buildings were completed between 1984 and 1990: They include:

  • 989 Lenox Drive, 112,000 square feet, with tenants such as Wells Fargo, Langan Engineering and Sirius XM Radio
    993 Lenox Drive, 111,000 square feet, tenanted by Stark & Stark and the Princeton Healthcare System.
    997 Lenox Drive, 97,000 square feet, tenanted by Fox, Rothschild, Celsion and others.
    1009 Lenox Drive, 180,450 square feet, home to MetLife, Philadelphia Insurance Co., The Segal Company and Edison Venture Fund, and others.
    2000 Lenox Drive, 129,000 square feet, with Ono Pharma USA, Parson Brinkerhoff and Navigant Consulting as tenants among others.

Prism will manage leasing at the complex. "This is a strategically located class A asset with access from all major corridors leading to and from the Princeton area," said Edwin Cohen, also a Prism principal. "We anticipate a great deal of interest in the property's remaining availabilities."