The Birch Group, a privately held commercial real estate investor, owner, and operator, and Lionstone Capital LLC, a New York City-based real estate investment firm, have announced the $70 million acquisition of Princeton Place at Hopewell, comprising three Class A office buildings in Hopewell. The buildings — located at 1700, 1750, and 1800 American Boulevard — total 307,510 square feet and are currently 96 percent occupied. This acquisition is Birch’s second in the Princeton submarket; the group previously acquired 600 and 700 Alexander Park late last year. Cushman and Wakefield represented the seller in this transaction.
“The Princeton submarket remains extremely attractive for us, in part due to its ability to draw from a deep and highly educated labor pool and accessibility to major metros including New York City and Philadelphia,” said Mark Meisner, president and founder of The Birch Group. “With strong tenancy in place at these properties, we see this as a solid opportunity with tremendous upside that allows us to further execute on our strategy of building our portfolio of top-tier and high-performing assets in excellent locations.”
Princeton Place at Hopewell features an exceptional design and amenity package including structured parking, efficient wind driven electricity, multiple cafeterias, a state-of-the-art fitness center with instructor-led classes, an indoor basketball court, an atrium overlooking a 30’ high view of greenery, and an executive-level conference center. The buildings are set along a central plaza with water features, a pedestrian concourse, and outdoor dining areas.
Adjacent to the property is the site of proposed medical development that will feature a 500-unit continuing care retirement community, along with a planned development directly across Scotch Road that will include 2,100 residential units, a new shopping center, and gas station.
“As we continue to grow our portfolio of top assets, we are always looking for strategic opportunities where we can add value, and Princeton Place at Hopewell was a perfect fit,” said Scott Katz, principal of Lionstone Capital. Princeton Place at Hopewell is currently anchored by a number of investment grade tenants with long-term leases including Merrill Lynch, Horizon Blue Cross Blue Shield, Janssen R&D, Geosyntec Consultants, Pershing LLC (BNY Mellon), and HDR, Inc.
“The Route 1 corridor is known not only for its corporate and pharmaceutical/biotech presence and highly educated workforce, but also as one of the strongest retail corridors in the state,” said Chris DeLorenzo, executive vice president of the Birch Group. “This represents a unique opportunity for us to capitalize on fully amenitized properties that are set within one of New Jersey’s highest quality campuses.”
