Boston Properties Buys NJ Office Asset
- Jul 24, 2017
Boston Properties acquired a Class A office building in Princeton, N.J. from Mack-Cali Realty Corp. The property traded for $16 million. Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction, which comes after Mack-Cali’s disposal of a six-building office/flex portfolio located in Hamilton, N.J.
The asset is located within Carnegie Center, a 560-acre master planned office park comprising 18 single and multi-tenant buildings totaling more than 22 million square feet. In-park amenities include a café, child care center, fitness facility, post office, hotel, bank, landscaped grounds and plenty of parking space. Boston Properties is known to own the majority of the campus.
Access to major metros
Sited at 103 Carnegie Center Drive, the three-story property was built in 1984 and previously changed hands in 1996 for $10.2 million, according to Yardi Matrix data. The asset features a marble and oak lobby and flexible floor plans ranging from 500 to 15,000 square feet. It is conveniently located at the intersection of Route 1 and Alexander Road, offering easy access to routes 130 and 206 and interstates 95 and 295. The building is situated equally close to New York City and Philadelphia and transportation is facilitated by a direct shuttle to the Princeton Junction NJ TRANSIT train station.
The deal was arranged by a team of brokers fronted by Cushman & Wakefield Vice Chairman Andrew Merin. The brokers in charge were David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso II and Andrew Schwartz.
“This sale generated a substantial amount of bidding, which is a testament to the prestige of the Princeton office market. With 83 percent of the building leased to 31 tenants, 103 Carnegie Center Drive provides opportunity for small companies to lease space and gain access to the large corporations that dominate the Princeton market,” Merin said in a prepared statement.
Image courtesy of Mack-Cali Realty Corp.