CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announces that it completed lease transactions with New Jersey law firm Dumont & Watson and with financial services firm Klitzberg Associates at 600 Alexander Road in Princeton.
The CBRE team of Joseph Sarno, executive vice president, and Doug Petrozzini and Jeremy Neuer, senior vice presidents, serves as the exclusive leasing agent for the property and represented the landlord, Ivy Alexander Properties, in both transactions.
One of the first tenants to move into 600 Alexander Road, Klitzberg Associates – has renewed its lease at the property on a long-term basis. Klitzberg Associates has leased space in the building for more than 30 years. A new tenant of the property, Dumont & Watson, relocated from downtown Princeton, signing a long-term lease at the building.
“These two transactions demonstrate ownership’s investment in the asset and the level of improvement since purchasing the building,” said Mr. Petrozzini. “The property is one of the most sought-after office buildings in the Princeton market, as clearly demonstrated through this renewal with its oldest tenant and the continued demand from new tenants, such as Dumont & Watson.”
The transactions with Klitzberg Associates and Dumont & Watson are the latest of a number of new leases and lease renewals at 600 Alexander Road. In 2014, CBRE signed 10 leases at the property – six renewals and four new leases – as 50 percent of the property turned over due to lease expirations and vacancy.
Ivy Alexander Properties is in the process of implementing multi-million-dollar renovations at 600 Alexander Road, making it one of the most modern and highest quality office properties in the Princeton region. Located at the Route 1 and Alexander Road interchange, the building is in the heart of the Princeton market and offers high visibility and convenient transportation access for employees. It sits alongside 619 Alexander Road – which is under the same ownership and management – where renovations to the common areas are also underway and up to 30,000 sq. ft. are available for rent.Related Articles: