Trenton High-Rise to be Converted to Apartments
Fennelly Associates, a New Jersey and Pennsylvania independent full-service commercial real estate service provider, has negotiated the sale of 240 West State Street, a 240,000-square-foot office building in Trenton. The buyer plans to redevelop the 16-story property into a multifamily building planned for completion in 2026.
Situated at the intersection of Calhoun Street, West State Street, and Route 29 across from the Calhoun Bridge, 240 West State Street is one of the tallest buildings in downtown Trenton. The property is just under two miles from the Trenton Transit Center and the West Trenton Train Station with access to New York City and Philadelphia was originally constructed as a hotel in 1969. It was most recently utilized as an office building.
Aiming to build upon the continued demand for new housing in downtown Trenton, Fennelly Associates worked to attract a buyer interested in the adaptive reuse of the property.
The buyer’s plans will include a mix of studio, one and two-bedroom apartments paired with a robust amenity package including a fitness center, pool and ground floor cafe. In addition, the company will renovate the building’s enclosed parking garage.
Fennelly Associates President Jerry Fennelly, SIOR, stated, “For decades, we have harnessed our expertise and creativity to bring investments and businesses into Trenton. We were honored to bring the sale of 240 West State Street across the finish line, and we are excited to watch its transformation into a point of pride for the local community.”
Lease Renewed
Fennelly Associates has also negotiated a 40,000-square-foot lease renewal with Honeywell at 1000 and 2000 Water View Drive in Hamilton. Fennelly Associates President Jerry Fennelly and Pat Dintrone represented the landlord, Genesis Bio, and Thomas Romano of JLL represented Honeywell.
Situated near the interchange of Route 130 and Interstate 195 and within minutes of New Jersey Turnpike Exit 7A, 1000 and 2000 Water View Drive are two, three-story, 62,000-square-foot, Class-A office buildings within a 47-acre office park. The properties have flexible, efficient floor plans and ample on-site parking as well as amenities including a food court, fitness center and are walkable to nearby multifamily communities and restaurants.
“While the office sector has seen considerable challenges since the pandemic, the continued flight to quality with amenities has provided office owners with reasons for optimism,” said Fennelly. “By placing an emphasis on maintaining and improving their properties, owners can continue to show a commitment to their tenant’s needs and, in turn, attract and retain high-quality tenants in a challenging market.”
Fennelly Associates, Inc – Commercial Real Estate Brokerage Firm, 200A Whitehead Road #222, Hamilton Township 08619; 609-520-0061. Jerry Fennelly, president. www.fennelly.com.
