A joint venture between Prism Capital Partners and Angelo, Gordon & Co. has completed the acquisition of Princeton Pile Corporate Center in Lawrenceville, New Jersey for $121 million, or $151 per square foot. Brandywine Realty Trust sold the 800,000 square foot complex; terms of the deal were not disclosed.
"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."
The eight-building complex was approximately 90% leased at the time of sale. Situated on 100 acres at the intersection of U.S. Route 1 and I-195 and completed between 1984 and 1990, Princeton Pike Corporate Center is just minutes from downtown Princeton. 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."
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