Prism Capital Partners/Angelo Gordon & Co. Sell Princeton Pike Corporate Center

On Jan 22, 2016

Prism Capital Partners LLC, announced the sale of Princeton Pike Corporate Center in Lawrenceville to Lenox Drive Office Park LLC. The trade comes almost three years after Prism acquired the eight-building, 800,000-square-foot, Class A asset in a joint venture with Angelo, Gordon & Co.

“We added tremendous value during our ownership of Princeton Pike Corporate Center,” noted Edwin Cohen, principal partner. “The improving economy brought renewed velocity to the office leasing market, and we capitalized on that through significant capital improvements and aggressive leasing.”

“Our purchase acumen was proved correct through the considerable profit we earned,” said Eugene Diaz, principal partner, Prism Capital Partners LLC.

After the 2013 acquisition, Prism, as operating partner, immediately launched a multi-million-dollar capex program at Princeton Pike Corporate Center. Highlights included a new entrance, conference center and café and new restrooms at the flagship 989 Lenox Drive; the conversion of 1000 Lenox Drive from single to multi tenancy featuring a soaring new entrance lobby; and new building entrances, a new atrium, conference center and café at 1009 Lenox Drive. Elevator and HVAC modernizations; updated restrooms; and new lighting, wall coverings, paint and carpeting were among the upgrades at select buildings, with parking lot repaving, new roofs and other exterior renovations at others.

“This work successfully elevated the property’s profile, and established an environment that fosters both tenant retention and new leasing interest,” Cohen noted. “And as companies began to come off the sidelines to make strategic real estate decisions and position themselves for growth, Princeton Pike Corporate Center became a preferred choice.”

Under the Prism/Angelo Gordon ownership, new tenants including J. Knipper and Company Inc., Eckert Seamans Cherin and Mellott LLC, Adare Pharmaceuticals, Foundation Asset Management and Management Planning Inc. leased space, while many others – such as Johnson Mirmiran & Thompson, Langan Engineering, Ameriprise Holdings and Navigant Consulting – expanded their presence or renewed in place. Today Princeton Pike Corporate Center is more than 90 percent leased. Other key tenants include Sirius XM Radio, Morgan Stanley, Wells Fargo Advisors, Stark & Stark, Princeton Healthcare Services, Fox Rothschild LLP, and MetLife Solutions Group, among others.

“The interest in the property from new tenants and the renewal of existing tenants highlights the outstanding tenant service provided by Prism’s dedicated, experienced and professional property management team,” noted Diaz.

“Prism’s condensed, value-add experience with Princeton Pike Corporate Center is a perfect example of what we do best,” Cohen noted. “We purchase well-located properties in robust markets, work to enhance the tenant experience through hands-on management and capital improvements, and build leasing momentum that will continue for years to come.” The Bloomfield firm remains in active acquisition mode.

Joe Garibaldi, Tom Walsh and Michael Fenton of Jones Lang LaSalle brokered Princeton Pike Corporate Center’s sale to Lenox Drive Office Park LLC. Located on 100 acres at the intersection of U.S. Route 1 and I-195, the property is just minutes from downtown Princeton. The campus offers a cohesive office park environment.

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