12B — June 14 - 27, 2013 — New Jersey — Mid Atlantic Real Estate Journal
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N ew J ersey
AWRENCEVILLE, NJ — Prism Capital Partners LLC has L With Angelo, Gordon & Co. to acquire 800,000 s/f office park Prism joint venture fulfills $121 million acquisition
teamed up with Angelo, Gor- don & Co. to acquire Princ- eton Pike Corporate Center for $121 million, which factors out to $151 psf. The eight-building, class A office park, situated in Lawrenceville in Central New Jersey’s Mercer County, totals 800,000 s/f. The seller was Brandywine Realty Trust. “This was a strategic acqui- sition and an expansion from northern New Jersey into the Princeton marketplace,” said Eugene Diaz , principal of
Princeton Pike Corporate Center
the Bloomfield 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 op- portunities on approved land. We are also very familiar with the asset, dating back to a relationship with the original developer, DKM , so this acqui- sition made complete sense. “We are very pleased to begin a new relationship with our in- vestment partner, Angelo, Gor- don & Co., and we anticipate a long-term relationship with this well-respected investment advisor,” said Diaz. The eight-building complex was 90 percent leased at the time of sale. Among the buildings, which were completed between 1984 and 1990, is the 112,055 s/f 989 Lenox Drive, featuring such tenants as Wells Fargo, Langan Engineering and Sirius XMRadio. Totaling 111,124 s/f, the adjacent 993 Lenox Drive is tenanted by Stark & Stark and the Princeton Healthcare Sys- tem. Fox, Rothschild, Celsion are among the tenants of the 97,277 s/f 997 Lenox Drive. Other buildings include the 180,450 s/f 1009 Lenox Drive, which is home to MetLife, Philadelphia Insurance Co., The Segal Company and Edi- son Venture Fund, among oth- ers. Ono Pharma USA, Parson Brinkerhoff and Navigant Consulting head the tenant roster at the 129,000 s/f 2000 Lenox Drive. “This is a strategically lo- cated class A asset with access from all major corridors lead- ing to and from the Princeton area,” said Edwin Cohen, prin- cipal of Prism. “We anticipate a great deal of interest in the property’s remaining avail- abilities.” n
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