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Joint venture sells upgraded Lawrenceville office park
NJBiz.com
January 22, 2016
Original Article

Nearly three years after acquiring an eight-building office park in Lawrenceville and launching a series of major upgrades, a joint venture has sold the property.

In a news release, Prism Capital Partners announced the sale of the 800,000-square-foot Princeton Pike Corporate Center. The developer and its joint venture partner, Angelo, Gordon & Co., sold the property to Lenox Drive Office Park LLC.

Terms were not disclosed.

"We added tremendous value during our ownership of Princeton Pike Corporate Center," Edwin Cohen, principal partner of Prism, said in a prepared statement. "The improving economy brought renewed velocity to the office leasing market, and we capitalized on that through significant capital improvements and aggressive leasing."

After the 2013 acquisition, Prism, as operating partner, immediately launched a multimillion-dollar improvement program to the Lenox Drive buildings, the news release said. Upgrades included a new entrance, conference center and café and new restrooms at the flagship building, 989 Lenox Drive, plus the conversion of 1000 Lenox Drive from single to multitenancy.

At 1009 Lenox Drive, the owners made improvements such as a new atrium, conference center and café, while updating systems and interiors some at other buildings in the park.

The new investment helped attract tenants such as J. Knipper and Co. Inc., Eckert Seamans Cherin and Mellott LLC and Adare Pharmaceuticals, the news release said. Other firms such as Johnson Mirmiran & Thompson, Langan Engineering, Ameriprise Holdings and Navigant Consulting — expanded their presence or renewed in place.

The complex today is more than 90 percent leased.

"This work successfully elevated the property's profile, and established an environment that fosters both tenant retention and new leasing interest," Cohen said. "And as companies began to come off the sidelines to make strategic real estate decisions and position themselves for growth, Princeton Pike Corporate Center became a preferred choice."

Joe Garibaldi, Tom Walsh and Michael Fenton of JLL brokered Princeton Pike Corporate Center's sale to Lenox Drive Office Park LLC.

"Our purchase acumen was proved correct through the considerable profit we earned," said Eugene Diaz, principal partner, Prism Capital Partners LLC.