Bloomfield, NJ-based Prism Capital Partners announced the sale of Princeton Pike Corporate Center, an eight-building, 800,000-square-foot office park in Central New Jersey's Mercer County for an undisclosed price. The property previously traded in 2013 when Brandywine Realty Trust sold the complex to Prism Capital Partners and Angelo Gordon for $121 million, or $151 per square foot. As the operating partner, Prism Capital Partners launched a series of upgrades after purchasing the property, including tech updates and new entrances and amenities. Joe Garibaldi, Tom Walsh and Michael Fenton of Jones Lang LaSalle brokered Princeton Pike Corporate Center's sale to Lenox Drive Office Park LLC.
"We added tremendous value during our ownership of Princeton Pike Corporate Center," said Edwin Cohen, Prism Capital Partners principal partner. "The improving economy brought renewed velocity to the office leasing market, and we capitalized on that through significant capital improvements and aggressive leasing."
"Our purchase acumen was proved correct through the considerable profit we earned," added Eugene Diaz, another Prism principal partner.
Constructed on 100 acres between 1984 and the early 1990s, Princeton Pike Corporate Center's class A office buildings range in size from the 97,000-square-foot 997 Lenox Drive (Princeton Pike 3), to the 180,000-square-foot 1009 Lenox Drive (Princeton Pike 4). The eight buildings each feature central atriums, onsite café and fitness centers, on-site management, and offer close proximity to area hotels. The property was 90% leased at the time of sale, with major tenants including Wells Fargo, Ken Clark International, Stark & Stark, the Princeton Healthcare System, Fox Rothschild, Citigroup, MetLife, Philadelphia Insurance Co., and Ono Pharma USA.
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