The Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the sale of 103 Carnegie Center Drive to Boston Properties. Seller Mack Cali drew broad interest in the Class A office building in the Princeton-Route 1 submarket that is home to many of the state’s largest corporations.
“This sale generated a substantial amount of bidding, which is a testament to the prestige of the Princeton office market,” said Andrew Merin, who lead the Cushman & Wakefield team of David Bernhaut, Gary Gabriel and Brian Whitmer, supported by Frank DiTommaso II and Andrew Schwartz. “With 83 percent of the building leased to 31 tenants, 103 Carnegie Center Drive provides opportunity for small companies to lease space and gain access to the large corporations that dominate the Princeton market.”
Boston Properties paid $15.8 million for the approximately 96,000 net rentable-square-foot, three-story office building, which includes flexible floor plans accommodating tenants from 500- to 15,000 square feet at the location equidistant to New York and Philadelphia. Carnegie Center is a 560-acre master-planned corporate setting with meticulously landscaped grounds close to hotels and many Princeton area amenities.
“This sale complements the portfolio of Boston Properties, which owns most of the buildings in Carnegie Center,” said Gabriel.