8B — February 19 - March 12, 2021 — Northern New Jersey — M id A tlantic Real Estate Journal
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C entral NJ Ware Malcomb to design and develop renovation plans, which are currently underway Bergman RE Group & Hornig Capital Partners acquire 160,000 s/f, 500 College Rd. in Princeton
RINCETON, NJ — Bergman Real Estate Group announced the acquisition of 500 College Rd. East in Princeton. The 160,000 s/f, four-story office building is part of the prestigious Princ- eton Forrestal Center, a 2,200 acre master-planned, mixed- use development community lo- cated at the interchange of US Rte. 1 and College Rd., within minutes of Princeton Univer- sity and downtown Princeton. The acquisition is a joint venture between Bergman, Hornig Capital Partners , and Eightfold Capital . The partnership acquired the build- P
Princeton Forrestal Center surrounded by prestigious companies, and institutes of higher learning,research and development, makes this an attractive location for busi- nesses looking to establish offices in the central Princeton market.” Princeton Forrestal Center is home to more than 175 businesses and numerous mixed-uses including academic, research, office, residential, hotels, conference centers, retail and dining facilities, as well as 700 acres of preserved open space. Plans are underway for a $4 million capital improvement program, including improve- ments to redesign the cen- tral, 4-story atrium lobby and the exterior entrance to the building. “We will be making complete upgrades to common areas throughout the building, including the floor lobbies, corridors, restrooms, café and fitness center,” said David Iacobucci , senior investment officer at Bergman. “We plan on adding a multimedia con- ference and training center for tenants to hold larger meetings, and in the spring, we will be implementing our successful Bike Share Program, which is a perfect environment with an existing network of bicycle paths in the Princeton For- restal Center.” Other improve- ments include upgrading the building’s mechanical sys- tem with new, energy-efficient HVAC equipment. Bergman has contracted Ware Malcomb to design and develop renovation plans, which are currently underway. “We are thrilled to be working on this project,” said Marlyn- Zucosky , director, interior architecture & design of Ware Malcomb’s Princeton and New- ark offices. “The improvements we are designing will truly transform 500 College Rd. into a modern, class A office build- ing, featuring all new finishes, furniture, touchless fixtures in all restrooms, new LED light- ing, and other features that tenants will enjoy. Our overall design strategy focused on maximizing the long-term real estate value of the property,” explains Zucosky. “Our new partners share our vision to reposition 500 College Rd. East, transforming it into a modern office complex that will serve the next generation of talent in the workplace,” said Michael Bergman.“ MAREJ
ing from Mack-Cali , making this Bergman’s third acqui- sition from the commercial REIT. Acquisition financing provided by Amherst Capital Management , led by Gabe Boyar , managing director, was arranged by JLL’s New Jersey Capital Markets team of Michael Klein, Greg Nal- bandian, Michael Lachs and Biagio Caruso . “500 College Rd. East is Berg- man and Hornig’s first acquisi- tion in the greater Princeton area,” said Michael Berg- man , president and CEO, Bergman Real Estate Group. “Situated in the heart of the
500 College Rd. East in Princeton
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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