Nassau Street Bank
The Bank of Princeton, 183 Bayard Lane, Princeton 08542-3719; 609-921-1700; fax, 609-921-8350. Andrew Chon, chairman. www.thebankofprinceton.com
The Bank of Princeton is looking to occupy the first floor of 194 Nassau Street, on a block that already houses branches of Sovereign Bank and Wells Fargo.
The bank wants to occupy approximately 3,750 square feet at the site for a branch location. The space previously was office space. The Princeton Borough Code prohibits banks from occupying the first floor of any building in its central business zone and Bank of Princeton is applying for a variance. The Zoning Board will hold a public hearing on Thursday, April 28, at 8 p.m. at Borough Hall.
Times Building Sale
Jersey Precast Corporation, 853 Nottingham Way, Hamilton 08638; 609-689-3700; fax, 609-689-3797. Dominic J. Reggimenti, president.
PerTrent Properties, an affiliate of Jersey Precast Corporation, has signed a deal to buy the Trenton Times’ 5.9-acre property on Perry Street in Trenton for an undisclosed amount.
The Times formally announced in February that it would move from its longtime space on Perry Street to Riverview Plaza on Route 29, near Mercer County Waterfront Park.
That announcement came a month after the Perry Street building was pulled from the market for lack of buyer interest (U.S. 1, January 5).
According to Anne LaBate of the Segal LaBate commercial real estate firm in Trenton, the Times had been looking to sell the building for $3.5 million but never found a buyer.
LaBate had hoped to sell the building to a charter school, but no deal was ever worked out.
LaBate also said that the building is a tough sell because of its construction. Being such a solid building, she said, means that it would be expensive to demolish — probably around $1.5 million — and would likely be sold to a demolition company for scrap materials.
Jersey Precast manufactures precast concrete, but the terms of the deal were not released. The sale is expected to close in June.
Boston Properties To Sell Carnegie Center
Boston Properties (BXP), 302 Carnegie Center, Suite100, Princeton 08540; 609-452-1444; fax, 609-452-1453. Micky Landis, senior vice president, regional manager. www.bostonproperties.com
Boston Properties has signed an agreement to sell its Carnegie Center portfolio to Normandy Real Estate Partners and the Landis Group for $468 million. The deal is expected to close by June 21.
Boston Properties acquired the portfolio for the 560-acre Carnegie Center in 1998, when it acquired the assets from the Landis Group.
In addition to managing and leasing the portfolio, Boston Properties completed roughly 300,000 square feet of new development. There are 16 Class A office buildings in the park.
In January Boston Properties announced it was considering selling interests in the properties. Arista Joyner, a spokeswoman for the firm in Boston, said the deal is an outright sale of the Princeton, but not New Brunswick Properties.