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This story by Barbara Fox was published in U.S. 1 Newspaper on March 31, 1999. All rights reserved.
The Race for Space
New office buildings are springing up like crocuses.
Over at the Carnegie Center, looks are deceiving. It may seem as if
the building will take another year to finish, but 502 Carnegie actually
is due to open in July. John Brandbergh of Boston Property says his
group likes to do all the insides first and "wrap the skin"
Jim Kinzig is on the home stretch with 650 College Road East at the
Forrestal Center. With Buchanan Ingersoll and American Appraisal signed
as tenants, the target date for this building — owned by the Aegis
and Berwynd property groups — is August.
On the other side of Route 1 Gale & Wentworth is finishing the last
big office building at Forrestal Village for owner CS First Boston
and will probably be finished in December. The first tenant, Kemper
Environmental, will expand from elsewhere in the Village.
Much of the activity centers on the area of the Princeton Junction
Train Station. Station Plaza is going up at the corner of Vaughn Drive
and Alexander Road, and Princeton Metro Office Center (owned by Mack
Cali) will match 5 Vaughn Drive with a groundbreaking for a sister
structure, 3 Vaughn Drive.
Just down the road Trammel Crow, Nexus, and SJP Properties are in
a race to throw up steel. SJP and Trammel Crow are winning. SJP Properties
has targeted a completion date in May for its two Class A buildings,
7 and 9 Roszel Road, at Princeton Commons. One is three-stories, the
other is five-stories.
Trammel Crow is developing the Hillier Group’s design for 600 Alexander
Park on behalf of Riggs Bank, and it is scheduled to be finished by
September. Mathematica is the lead tenant and the Hillier Group will
expand into some space there too.
Andrea Kotzger says Nexus Properties was held up by an engineering
error that slowed the permits, but that Princeton Plaza’s first 60,000-foot
building at 731 Alexander Road will be finished by the end of the
year. This site used to house a telephone company building. Hilton
Realty will break ground any minute on a 60,000 foot "flex"
building at Ewing Commerce Park on Silvia Street, off Sullivan Way
in Ewing. ("Flex" means just what it sounds like, it can be
used for multipurposes — offices, distribution, or warehouse).
Also ready for the ceremonial shovel is Windsor Business Park on Route
571. Hilton will add another building to the Princeton-Hightstown
Road home for Dataram.
By next spring Brandywine Realty Trust will open another Class A building
on Lenox Drive, complete with cafeteria and exercise center. Peterson’s
will be the lead tenant.
Pennington Point’s George Blicher, meanwhile, is pressing on with
construction on Route 31 with a target date of next summer. For the
50-acre site he plans mixed uses — shops, office space, a pharmacy,
and a daycare center — with "pods" (stand alone buildings
in the middle of the parking lot) for a bank. Right next door, CareMatrix
is building an assisted living facility to complement its Windrows
at Forrestal Village.
Cranbury Gate, Route 130 South. Size of building:
6,000, divisible to 600 feet. New office building in office park,
have preliminary approvals, groundbreaking expected in six months.
Kerzner Associates, 609-655-3100.
Harts Lane Business Campus, Harts Lane and Tices
Lane. Size of building: 295,930. Proposed seven office buildings,
divisible to 18,000 square feet, rent to be determined, for sale at
$100 per foot.
Eric Bram & Co., Stuart Singer, 732-545-1414. Owner: M.
Ewing Commerce Park, Silvia Street, off Sullivan
WAy. Size of building: 60,000. Warehouse and distribution building
scheduled to break ground in spring 1999, flex/office project, pre-leasing.
Hilton, Mark Hill, 609-921-6060. Owner: Hilton Realty.
Princeton Pike Corporate Center, 2000 Lenox Drive.
Size of building: 120,000. Class A space with full-service cafeteria
and exercise center, ready April 2000.
Vacant rental space: 58,000, divisible to 10,000. Gross
rent, $28.50. Conditions: Plus tenant electric and pass through on
operating expenses. Other tenants: Peterson’s, Stark & Stark.
Brandywine, George Hasenecz, 609-895-9595. Owner: Brandywine
Pennington Point West, Route 31. Size of building:
23,000, divisible to 1,000 feet. New mixed-use construction with occupancy
in summer 2000, 50-acre site comprising retail, office, school, assisted
living. Future tenants include a bank and a pharmacy.
Vacant rental space: 23,000, divisible to 1,000. Net rent
Commercial Property Network, Al Toto, 609-921-8844.
Princeton Forrestal Center, 650 College Road East.
Size of building: 168,000. Class A building, onsite cafeteria, due
to be finished in August.
Vacant rental space: 88,000, divisible to 3,000. Gross
rent, $27.50. Conditions: Plus tenant electric. Other tenants: Buchanan
Ingersoll, American Appraisal.
Aegis Property Group, James A. Kinzig, 609-393-8457. Owner:
Aegis Property Group and Berwynd Property Group.
Princeton Forrestal Village, 155 Village Boulevard.
Size of building: 76,500.
Vacant rental space: 25,674, divisible to 5,000. Gross
rent, $25. Conditions: Plus tenant electric. Other tenants: Kemper
Gale & Wentworth, 609-452-0771. Owner: C.S. First Boston.
Princeton Corporate Plaza, Deer Park. Size of
building: 79,000, divisible to 20,000 feet. Proposed lab building
in established research park. Other tenants: Wyeth-Ayerst, Orchid
Grubb & Ellis, Doug Petrozzini, 732-225-0433. Owner: Aspen
Princeton Commons, 7 and 9 Roszel Road. Available
square feet: 240,000, divisible to 1,000. Rent: market rates.
SJP Properties, Charlie Hatfield, 973-299-9117.
Building owner: SJP Properties. Size of buildings: 300,000 square
feet. Two Class A buildings, three-story and five-story, with interior
finishes of imported stone and wood, an atrium, a full-service cafeteria.
To be completed in May.
Carnegie Center, 502 Carnegie Center. Available
square feet: 100,000. Gross rent, $29. Conditions: Plus tenant electric,
subdivision to be negotiated.
John K. Brandbergh, 609-452-1444. Building owner: Boston
Properties. Other tenants: Morgan Lewis & Bockius. Size of building:
114,900 square feet. Class A space to be completed in July 1999, lockers
and showers on first floor, on-site food service.
Station Plaza at Princeton Junction Train Station, 845
Alexander Road. Size of building: 28,000. New building adjacent
to Princeton Junction train station, corner of Vaughn Drive and Alexander
Road, fiber optics, more.
Vacant rental space: 28,000, divisible to 5,000. Gross
rent, $26.50. Conditions: 5-10 year term available, occupancy November.
Cushman & Wakefield, Jerry Richter, 201-460-3387. Owner:
Princeton Plaza Building A, 731 Alexander Road.
Size of building: 60,000. To be built in 1999, Class A with upscale
lobby, fiber optics, oval lobbies, walk-out bay windows, onsite management.
Also 40,000 foot in building B, unscheduled completion date.
Vacant rental space: 60,000, divisible to 5,000. Gross
rent, $24.50. Conditions: Plus tenant electric.
Buschman Jackson-Cross, 609-896-2600. Owner: Nexus Properties.
Windsor Business Park, 186 & 196 Princeton-Hightstown
Road. Size of building: 24,000. Close to train station, Route 1,
and NJ Turnpike.
Hilton Realty, Mark Hill, 609-921-6060. Owner: Hilton
Princeton Metro Office Center, 3 Vaughn Drive.
Size of building: 98,500. To be built, sister building to 5 Vaughn
Drive Class A space with food service.
Vacant rental space: 98,500, divisible to 33,000. Net
rent $21.50. Conditions: Plus tenant electric.
Mack-Cali, Michael Nevins, 908-272-8000. Owner: Cali Realty
Overlook Center, 200 Overlook Center. Size of
building: 150,000. Proposed Class A building with food service and
parking garage, sister building to 100 Overlook.
Vacant space: 150,000, divisible to 25,000. Net rent $22.50.
Mack-Cali, Michael Nevins, 908-272-8000.
West Windsor Technology Center, Clarksville Road.
Size of building: 186,000, divisible to 30,000. Fully approved site
for three buildings with office or lab space on 25 acres, can be modified,
ready for permits. Sale or build to suit. Other tenants: possibly
a freestanding daycare center and a 62,000 square foot building. Asking
Commercial Property Network, Al Toto, 609-921-8844.
Palladium, Route 1 & Meadow Road. Size of building:
880,000, divisible to 50,000 feet. Class A space to be built.
Steiner Equities Group, Jeff Hale, 973-228-5800.
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