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Cushman & Wakefield Completes New Office Lease in Princeton Market

| February 16, 2016 | 0 Comments

AlbridgeCushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073

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Media Contact: Evelyn Weiss Francisco: evelyn@caryl.com / (201) 796-7788 / www.twitter.com/carylcomm

HOPEWELL, N.J., Feb. 16, 2016 – Cushman & Wakefield on behalf of American Real Estate Partners has orchestrated a new long-term office lease in the Princeton market, signing Albridge Solutions, Inc. for 45,000 square feet at Princeton Place at Hopewell. The commercial real estate services firm’s Edison, N.J.-based team of Paul Giannone, Todd Elfand and Kevin Carton represented the owner, and JLL represented the tenant. With the transaction, Albridge, a technology-based wealth management affiliate of Pershing LLC, a BNY Mellon company, will expand and relocate within the market from nearby Lawrenceville.

Princeton Place at Hopewell is a three-building, 341,000-square-foot office campus consisting of two office buildings and an amenity building featuring a café, fitness center, covered parking and shared conference facility. The Albridge signing comes at the 140,000-square-foot 1800 American Blvd. building. Features of the campus include 40,000-square-foot column-free floorplates with 6 inch raised floors, a distinctive brick-clad, gable-roofed building design, and a location at a four-way interchange along I-95.

“We are seeing tremendous activity at this location from large and small organizations – it’s one of the nicest suburban collegiate office campuses in the state,” said Elfand, who notes that Princeton Place at Hopewell was constructed in 2001 and renovated by American Real Estate Partners in 2015.

Michael Gribbon, principal of American Real Estate Partners, commented, “We are extremely pleased to have entered into a long-term commitment with Albridge Solutions and are looking forward to their tenancy at our Princeton Place campus. Completing this transaction formalizes the transformation of the asset to a multi-tenant project. The location continues to be a significant draw to the vast majority of  tenants in the market who understand the unique nature and value of our Class A campus environment and amenities.”

“There is so much attraction to this particular campus for Fortune 500 companies because after they evaluate build-to-suit opportunities in the marketplace, they find that this pre-existing campus provides all of the amenities and state-of-the-art infrastructure at a lower cost point than building new,” said Carton.

“This transaction marks a continued commitment and trend toward the I-95, I-295 corridor, with significant access to the talent pools in North and South Jersey and Bucks County, Pa.,” said Elfand. “The Princeton-area office market, with almost 17 million square feet of space and a vacancy rate in the mid-teens, continues to out-perform most markets in all of suburban New Jersey.”

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About American Real Estate Partners

American Real Estate Partners, a vertically integrated institutional real estate investment manager, invests in partnership with a cross section of highly sophisticated domestic and international real estate investors. The firm concentrates on acquiring Class A office, and office flex assets, as well as real estate related financial instruments, in markets throughout the Mid-Atlantic along the Eastern Seaboard of the United States. Since October 2003, American Real Estate Partners has completed 40 acquisitions totaling over 15 million square feet, with an aggregate capitalization of $3.1 billion, representing $1.2 billion of equity, on behalf of its institutional partners. The firm’s current portfolio totals 8.1 million square feet. For more information about American Real Estate Partners, please review the firm’s website at www.americanrepartners.com, or contact Jon Dishell, Managing Director of Fund Management & Investor Relations at JDishell@americanREpartners.com

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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