Last week Bill Barish of Commercial Property Network on Emmons Drive announced that his firm had just signed Dataram Corp., a maker of computer memory and storage products, to a five-year lease at 777 Alexander Road. The address will be Dataram’s new corporate headquarters come August when it moves from its 20,000-square-foot space at 186 Princeton-Hightstown Road to an 11,000-square-foot space. Barish said Dataram will pay “less than $20 a square foot.”
The move makes the building at 777 Alexander fully occupied. Barish said the listing for the space, which once belonged to the Savino Group (a division of Northwestern Mutual Life), had been on the market “for quite some time.” Savino Group moved from 777 to 731 Alexander in 2006.
The new space makes sense for Dataram, which is downsizing. The firm had about 40 employees two years ago, but not today. The company did not give an employee count, but Barish said the entire staff currently at 186 Princeton-Hightstown Road will come to Alexander Road. Barish said the move also is intended to give Dataram a higher profile, closer to Princeton. Commercial Property Network negotiated Dataram’s space on Princeton-Hightstown Road about 15 years ago.
The announcement of the lease comes on top of Dataram’s announcement that it intends to sell 1.77 million shares of common stock in hopes of raising $3.3 million to meet working capital needs and for general corporate purposes.
At Princeton Forrestal Village, the investment group run by the property’s owners, Investcorp International and Lincoln Equities Group, have signed the Urology Group of Princeton to a 5,175-square-foot, long-term lease there. The signing marks the first concrete step toward revamping Princeton Forrestal Village as a hub of medical offices in the shadow of the coming University Medical Center in Plainsboro. Urology Group joins Surgical Specialists at Princeton, a 12,400-square-foot surgical center based at 136 Main Street.
When Investcorp bought Forrestal Village in January for $55 million, it was suggested that the firm would like to convert some of the park’s flagging retail spaces as medical offices. The site is barely a mile north of the 636,000-square-foot hospital. As the hospital comes online an increased demand for medical office space nearby is expected.
In South Brunswick, the industrial sector is showing signs of its way back to health with the announcement that Hankook Tire America Corp. has signed a 400,000-square-foot lease at 18 Thatcher Road. The company, which is moving out of its warehouse in Edison, expects to move to Thatcher Road in the next few months.
Originally constructed in 1996 as a build-to-suit project for Tommy Hilfiger, the warehouse building was expanded in 2007 and now totals 530,000 square feet of industrial space. Hankook plans to expand its inventory by 70 percent after the move, housing 610,000 tires.
David Kim of Lee & Associates in Hasbrouck Heights represented Hankook Tire in the transaction. Cathy Argenio of Forsgate Industrial Partners represented the building owner in-house.
#b#Dataram Corp#/b#. (DRAM), 186 Princeton-Hightstown Road, Windsor Business Park, Building 3-A, Box 7528, Princeton 08543-7528; 609-799-0071; fax, 609-936-1689. John H. Freeman, CEO. www.dataram.com