Vision Real Estate Partners (VREP) has arranged a 90,000-square-foot lease with Billtrust at 1009 Lenox Drive in the Princeton Pike Corporate Center in Lawrenceville. Since early 2016, VREP has orchestrated a multi-million-dollar revitalization of the eight-building, 817,000-square-foot campus, which is focused on fostering productive workplaces and personal fulfillment in a distinctive work/play environment.
VREP was represented by Steve Tolkach, executive managing director with Newmark Knight Frank. Bradford Fenlon, executive managing director with Colliers International, represented Billtrust.
“Our site search for Billtrust involved more than 80 properties in a 30-mile radius,” Fenlon said. “We looked at existing office buildings, build-to-suit opportunities, raw land and adaptive reuse sites. Ultimately, 1009 Lenox Drive was the clear top choice. This property offered signage on I-95 and expansion potential to nearly double Billtrust’s square footage moving forward. Additionally, the amenity package at Princeton Pike is unsurpassed by any of its regional competitors, providing Billtrust with the ability to offer its employees an environment that promotes work/life balance.”
Billtrust, a payment cycle management software company founded in 2001, will establish its new 88,759-square-foot headquarters at the Class A office campus. It expects to create 200 new jobs and retain 228 employees in connection with Grow New Jersey tax credits awarded by the New Jersey Economic Development Authority. The firm, which is currently based in Hamilton, chose to remain in Mercer County over a competing location in Warminster, Pennsylvania, and it will consolidate from two leased facilities.
“Billtrust is a forward-thinking company focused on its employees, and they recognized the value and quality of this location,” said Sam Morreale, VREP’s founder and managing partner. “We embraced their corporate culture and integrated it with cutting-edge real estate design, providing a functional space that will support their efforts to develop a diverse workforce.”
Headquartered in Mountain Lakes, New Jersey, VREP has deep roots and experience in the New Jersey/New York regional marketplace. The firm provides asset management and operational support for Princeton Pike, which boasts a roster of high-profile tenants including Sirius XM Radio, Morgan Stanley, Wells Fargo Advisors, Stark & Stark, Princeton Healthcare Services, Fox Rothschild LLP and MetLife Solutions Group.
Numerous capital improvements to the landmark corporate property include newly renovated lobbies and common areas, outdoor seating, substantially upgraded landscaping and rebranded signage and wayfinding throughout the park. A network of pedestrian walkways provides connectivity to the Lawrence-Hopewell Trail, and a dedicated recreation area features a professional volleyball court with electronic scoreboard, a frisbee golf course, putting green and bocce court. An onsite Hilton Garden Inn and restaurant is currently under development.
Upgrades to the building at 1009 Lenox Drive include a recently completed atrium with a waterfall feature and enhanced lifestyle amenities including a renovated café and extended-hours coffee bar. Multiple seating areas, which provide space for work or social gatherings, are adjacent to fitness and conference facilities. In conjunction with the Build Trust lease, VREP will be expanding the recreation area to include a basketball court.
“Millennials and the mature workforce are gravitating towards dynamic workplaces,” noted Ross Chomik, managing partner at VREP. “The way the younger generation learned is how they want to earn, so we strive to mirror the way peer universities design synergistic spaces where academics, residential and recreation interact.”
Morreale added, “We are no longer in the office space business. We’re creating bright, accessible, sustainable workplaces where inside and outside spaces blend seamlessly into a single environment.”
Princeton Pike is strategically located just minutes from downtown Princeton and equidistant from both Manhattan and Philadelphia. With proximity to the active I-95 corridor, it attracts local and regional tenants that benefit from the commutability to Southeastern Pennsylvania. A deep, well-educated labor pool rounds out the Princeton submarket’s appeal.
“It is critical for us to be in the Central NJ / Philadelphia corridor, and this property along with the incentives from the state, made it an easy decision to stay in Mercer County,” said Ed Jordan, CFO at Billtrust. “Our new location and building has everything we need to attract new employees from a deep talent pool while giving our current employees exciting new amenities.”