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Three New Leases Bring Princeton Place at Hopewell to Fully Stabilized Occupancy

| October 27, 2016 | 0 Comments

Cushman & 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., Oct. 27, 2016 – With three new leases totaling 207,000 square feet, Princeton Place at Hopewell has reached fully stabilized occupancy.

American Real Estate Partners announced the execution of three major leases at Princeton Place at Hopewell, totaling 207,000 square feet. Horizon Blue Cross, the state’s largest health insurance company, has committed to a 140,000 square foot long-term lease at 1700 American Blvd. Horizon, represented by Phil Lipper and Roby Bull of Jones Lang LaSalle, will take occupancy in January 2017. In addition, at 1800 American Blvd., Janssen Research and Development, a subsidiary of Johnson and Johnson, leased 39,000 square feet, and CENLAR leased an additional 28,000 square feet. Janssen’s lease commitment accommodates the expanding needs of the company’s Titusville, N.J.-based regional operation. Ed DaCosta of CBRE represented Janssen in the transaction. CENLAR was represented by Steve Tolkach of Newmark Grubb Knight Frank. With the completion of these three leases, Princeton Place at Hopewell (1700, 1750 and 1800 American Blvd) is now 95% leased.

“We are pleased with the execution of our leasing strategy and delighted with the performance of our management and leasing teams”, said Michael Gribbon, Principal and Executive Managing Director of American Real Estate Partners. “The hard work and professionalism of Paul Giannone, Kevin Carton and Todd Elfand of Cushman & Wakefield was instrumental in our success. Our ability to attract such strong corporate tenants to our campus on long term commitments speaks to the quality of the real estate and team.”

Princeton Place at Hopewell is conveniently situated at a four-way interchange along Interstate 95, well positioned in Princeton’s office and pharmaceutical corridor and centrally located within minutes of Downtown Princeton and Bucks County, PA. The campus is comprised of two office buildings and a stand-alone amenity building featuring a café, fitness center, covered parking and a shared conference facility. With ample parking and large, virtually column-less floor plates, the property is well suited for companies looking to densify their operations. The project boasts an impressive array of on-site recreational pursuits for an ideal work/life balance including: a 1.5 mile jogging trail, two ball fields, volleyball courts, basketball courts, tennis courts and a fitness center. The campus also provides a wealth of convenience-driven amenities. These include an onsite conference center, fully equipped cafeteria with both indoor and outdoor seating, day care facilities, and an on-site dry cleaner. The outdoor environment is visually stunning with its park-like setting, mature foliage, serene walking trails, ponds, lagoons, and a mini-waterfall.

Cushman & Wakefield’s Paul Giannone, Todd Elfand and Kevin Carton have headed the Edison, N.J.-based marketing team for Princeton Place at Hopewell since mid-2014, when an affiliate of American Real Estate Partners purchased the property. The ownership has since completed a major renovation there, formalizing the asset’s transformation to a multi-tenant property.

“This property offers an amenity package and state-of-the-art infrastructure that rivals anything in this market,” Carton said. “This has been key in attracting household-name tenants who, after evaluating regional build-to-suit opportunities, recognize they can take advantage of these attributes at a lower cost point than new construction.”

Princeton Place at Hopewell’s success, following just 18 months of market exposure, also testifies to the popularity of the I-95/I-295 corridor. “Tenants continue to establish and grow in the Princeton market, fueled by significant access to the talent pools in North and South Jersey and Bucks County, Pa.,” Elfand said. “The Princeton submarket, with almost 17 million square feet of space and a vacancy rate in the mid-teens, is out-performing most 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. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. 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 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 41 acquisitions totaling over 15.4 million square feet, with an aggregate capitalization of $3.1 billion, representing $1.2 billion of equity. The firm’s current portfolio totals 8.7 million square feet. For more information about American Real Estate Partners, please review the firms’ website at www.americanrepartners.com, or contact Jon Dishell, Managing Director of Fund Management and Investor Relations at JDishell@americanREpartners.com.

 

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Media Contact:
Evelyn Weiss Francisco
Vice President
Caryl Communications
201-796-7788
evelyn@caryl.com

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

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