Commercial real estate firm Cushman & Wakefield, also known as C&W, has brokered two leases for Princeton Point, the two-building office complex located at 600 College Road East in Princeton that is a part of Princeton University’s new 2,000-acre business and research campus.
Kevin Carton and Todd Elfand, who both work in the Iselin C&W office as executive managing directors, represented the landlord, Nuveen Real Estate, in the transactions, securing a total of 115,000 square feet for State Street Bank and Dr. Reddy’s Laboratories.
Dr. Reddy’s Laboratories signed a 53,000-square-foot lease, with Cushman & Wakefield executive director Shawn Straka, also the co-leader of Cushman & Wakefield’s Life Science Practice Group in New Jersey and based at C&W’s Morristown site, representing the tenant.
“Life science tenants remain committed to the greater Princeton market due to the excellent access to a highly educated workforce, proximity to New York City and Philadelphia, and abundance of retail and dining options,” Straka says in a quote.
“As evidenced by these transactions, tenants remain committed to high-quality real estate assets,” Elfand adds. “With a stable balance sheet and smart investments in property renovations, Nuveen continues to create a rewarding work environment, making this Princeton property an ideal choice for top employers seeking a best-in-class workplace.”
State Street Bank, a financial services company, renewed its 63,000-square-foot lease under the representation of JLL.
Princeton Point is situated within the Princeton Forrestal Center campus, an “over 8 million square feet” center of mixed-use spaces “just minutes from the main academic campus and downtown Princeton,” according to its website, princetonforrestalcenter.com.
Back in 2021, investment management company Nuveen, which dubs the PFC the “economic epicenter” of the region, announced its mission to renovate Princeton Point. Some of the new designs and amenities, the press release continues, are a conference center, an onsite café and restaurant, revamped building entrances, and a “courtyard with outdoor private seating and onsite electric vehicle charging stations.”
Other nearby sites of note are Route 1, Newark Liberty International Airport, Princeton Junction Commuter Rail, and a number of hotels, restaurants, and shops.
“We are thrilled to welcome Dr. Reddy’s Laboratories and to retain our tenant, State Street Bank, at Princeton Point,” Nelly Othman, the senior associate of workplace, retail, and mixed-use at Nuveen Real Estate, says. “With full amenities and quick access to downtown and numerous transportation hubs, Nuveen meticulously renovated this building to be the complete package.”
