Billtrust, a provider of outsourced billing services currently based at American Metro Center, has signed a lease for 90,000 square feet of office space at 1009 Lenox Drive in the Princeton Pike Corporate Center in Lawrenceville.
The company is moving to Lawrenceville partly as the result of a $12 million tax credit from the New Jersey Economic Development Authority, which encouraged the company to stay in-state rather than move to Bucks County, Pennsylvania. The company agreed to keep its current 288 employees and hire 200 more workers while consolidating two of its offices.
Billtrust currently employs around 400 workers in the U.S. and Canada. Founded in 2001, the company has grown rapidly since 2007, acquiring other companies in its field and opening operations centers around the country. Billtrust specializes in providing automated invoicing and statement systems for small and medium-sized companies.
The 1980s-era office building was recently renovated by architect Josh Zinder, who designed an updated lobby with a waterfall, an updated cafe, and other improvements. (U.S. 1, October 11, 2017.)
Vision Real Estate Partners (VREP), the real estate company that orchestrated the deal, also renovated the other seven buildings in the 817,000-square-foot Princeton Pike Corporate Center with an eye towards creating a “work/play” environment.
In the Billtrust deal, VREP was represented by Steve Tolkach of Newmark Knight Frank. Bradford Fenlon of Colliers International represented Billtrust.
“Our site search for Billtrust involved more than 80 properties in a 30-mile radius,” Fenlon said. “We looked at existing office buildings, build-to-suit opportunities, raw land, and adaptive reuse sites. Ultimately, 1009 Lenox Drive was the clear top choice. This property offered signage on I-95 and expansion potential to nearly double Billtrust’s square footage moving forward. Additionally, the amenity package at Princeton Pike provides Billtrust with the ability to offer its employees an environment that promotes work/life balance.”
VREP, headquartered in Mountain Lakes, provides asset management and operational support for Princeton Pike Corporate Center, whose tenants include Sirius XM Radio, Morgan Stanley, Wells Fargo Advisors, Stark & Stark, Princeton Healthcare Services, Fox Rothschild LLP, and MetLife Solutions Group.
In recent years VREP has renovated lobbies and common areas, outdoor seating, upgraded landscaping, and rebranded signage and wayfinding throughout the park. A network of pedestrian walkways connects to the Lawrence-Hopewell Trail, and a dedicated recreation area features a professional volleyball court with electronic scoreboard, a frisbee golf course, putting green, and bocce court. An onsite Hilton Garden Inn and restaurant is currently under development.
Upgrades to the building at 1009 Lenox Drive include a recently completed atrium with a waterfall, a renovated cafe, and extended-hours coffee bar. Multiple seating areas, which provide space for work or social gatherings, are adjacent to fitness and conference facilities. In conjunction with the Billtrust lease, VREP will be expanding the recreation area to include a basketball court.
“Millennials and the mature workforce are gravitating towards dynamic workplaces,” said Ross Chomik, managing partner at VREP. “The way the younger generation learned is how they want to earn, so we strive to mirror the way peer universities design synergistic spaces where academics, residential and recreation interact.”
“It is critical for us to be in the Central NJ / Philadelphia corridor, and this property along with the incentives from the state, made it an easy decision to stay in Mercer County,” said Ed Jordan, CFO at Billtrust. “Our new location and building has everything we need to attract new employees from a deep talent pool while giving our current employees exciting new amenities.”
Billtrust, 100 Amercican Metro Boulevard, Suite 150, Hamilton 08619. 609-235-1010. Flint Lane, president. www.billtrust.com.