Cushman & Wakefield Re-Appointed as Exclusive Agent for Princeton Place at Hopewell

Following Cushman & Wakefield-Brokered Campus Sale, New Owner Creates Additional Leasing Opportunities to Accommodate Regional Demand. End Quote

Trenton-Ewing, NJ (1888PressRelease) December 14, 2017 - The new ownership of Princeton Place at Hopewell will launch a renovation program to create additional space opportunities from 2,000 square feet to 16,000 square feet at the fully leased, three-building corporate campus in Hopewell. Cushman & Wakefield’s Paul Giannone, Kevin Carton and Todd Elfand – the property’s long-time leasing agents – have been re-appointed to bring the new space to market.

In addition to bringing the new square footage to market, the ownership is revitalizing a central 30-foot high atrium as an elegant collaborative workspace.

The same Cushman & Wakefield team, in conjunction with the Capital Markets Group (led by Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kubby Tischler) orchestrated the October trade of Princeton Place at Hopewell from American Real Estate Partners to Lindy Communities. American Real Estate Partners, which recently completed a major renovation at the property, remains involved as asset manager.

Located at 1700, 1750 and 1800 American Blvd., Princeton Place at Hopewell today serves as home to a roster of leading-name tenants including Horizon Blue Cross, Janssen Research, Cenlar FSB, Pershing and Bank of America. According to Carton, the property’s collegiate campus-style environment – with an array of recreational opportunities such as a 1.5 mile jogging trail, two ball fields, volleyball courts, basketball courts, tennis courts and a fitness center – has been a key to attracting strong credit tenants.

“This property offers an amenity package and state-of-the-art infrastructure that rivals anything in this market,” he said. “In addition to amenities promoting work/life balance, it provides a wealth of convenience-driven features.” These include an onsite conference center, fully equipped cafeteria with both indoor and outdoor seating, day care facilities, covered parking and an above-average parking ratio, and an on-site dry cleaner. Tenants enjoy a park-like setting, mature foliage, serene walking paths, ponds, lagoons and a mini-waterfall.

Until now, 1750 American Blvd. has served as a stand-alone amenity center, housing the café, conference space and indoor fitness facilities. Lindy Communities will renovate a portion of the building to create a 14,000-square-foot, second-story availability with expansion potential – a direct response to sustained demand in the local market.

“This is a tremendous opportunity for a tenant looking to establish a high-density office operation at a trophy-caliber campus,” Elfand said. “The space features a bright, open, versatile layout that can be custom finished as a showplace headquarters. A single occupant would essentially have their own building finished to their exact needs and branding.” Lindy Communities also is repurposing up to 18,000 square feet of previously unoccupied lower-level space at the building for lease. Elfand noted that availability, which can divide to 2,500 square feet, is ideally suited for data center, research, development in medicine or pharmacology, education, or as storage or laboratory use.

Representing the ownership, Chief Operating Officer Brian M. Kroker says, “We’re very excited about our new Princeton Place investment. What really makes it special is the vibe and energy you feel when walking through the college like campus. In addition, the amenities are really terrific. No other central Jersey location can match it.” Princeton Place at Hopewell sits at a four-way interchange of I-95, in the heart of Princeton’s office and pharmaceutical corridor, and centrally located within minutes of Downtown Princeton and Bucks County, Pa. The region remains a leasing hotbed, fueled by significant access to deep talent pools in North and South Jersey, and Bucks County, Pa., according to Elfand. With nearly 17 million square feet of office space, the Princeton submarket continues to out-perform most of suburban New Jersey.

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