JLL arranges series of new leases, one renewal, at Class A office building in sought-after New Jersey submarket
The Birch Group and JLL announced a series of leasing transactions at 700 Alexander Park in Princeton, N.J., bringing the 72,000-square-foot Class A office property close to 90 percent occupancy.
Lingraphica, a medical devices company offering aphasia and online speech therapy, signed a long-term lease for 9,000 square feet of office space onthe first floor of the three-story building. The company has relocated its back-office operations and consulting staff to Alexander Park from Carnegie Center on nearby Rt. 1.
Semiconductor and infrastructure software designer and manufacturer, Broadcomm, signed a long-term lease for 6,444 square feet on the second floor in a relocation from Ewing, NJ.
Wimba, the title agency subsidiary of the Roc360 financial services platform, signed a lease for its first permanent office at 700 Alexander Park. The company has relocated from a nearby coworking space to occupy 2,509 square feet on the third floor.
The law firm Rubin, Ehrlich, Buckley &Przekop, PC, has signed a long-term lease for 4,306 square feet and will relocate to the property from Lawrence, N.J., in the second quarter of 2023.
And long-time tenant Buchanan Ingersoll & Rooney, PC, signed a lease extension for its 13,682 square feet office on the third floor at 700 Princeton Park.
“We are delighted to welcome these prestigious new tenants to 700 Alexander Park and to reaffirm our partnership with long-time tenant, Buchanan Ingersoll & Rooney,” said Chris DeLorenzo, executive vice president at The Birch Group. “These transactions validate our decision to acquire the property with the aim of outperforming the market at a time of tremendous uncertainty for many tenants and we look forward to leasing the remaining space in the near future.”
The Birch Group acquired 700 Alexander Park as part of a 213,110-square-foot office portfolio acquisition completed in 2021 that included 600 Alexander Park, an adjacent 141,176-square-foot building that is fully occupied by Mathematica Inc., an American research organization and consulting company.
The two buildings are located within Alexander Park, a multi-building complex comprising over 350,000 square feet of prime office space and situated within walking distance of the Princeton Junction train station. The picturesque campus features a pond with a decorative fountain and manicured walking and bike paths, offering employees fresh air and space outdoors to relax and recharge.
700 Alexander has its own tenant lounge and conference room and shares a full amenity package with 600 Alexander that includes a cafeteria with indoor and outdoor seating, a state-of-the-art fitness center, lounge, two-story atrium lobby and ample parking. The Birch Group is making significant renovations and updates to the lobby and amenities at 700 Alexander Park, with a focus on modern aesthetics and functional layouts that cater to the needs of today’s Class A tenants.
AMI Management, a leading property management firm known for its proactive and responsive approach, oversees property management at 700 Alexander Park. AMI’s presence underscores ownership’s commitment to providing a seamless and superior experience for all tenants.
JLL managing director Thomas Romano and senior vice president Vinny Di Meglio represented The Birch Group in all of the recent transactions.JLL also represented Lingraphica and Broadcomm.
“As a near 25 percent vacancy persists with the Princeton office market, 700 Alexander Park stands out thanks to its responsive ownership with a tenant-first philosophy and commitment to streamlining the leasing process,” said DiMeglio. “With the ability to quickly provide premier office space, we anticipate great interest in the remaining 8,300 square feet of divisible space and feel very good about the future of 700 Alexander Park as part of a market-leading campus populated by world-class tenants.”
Originally built in 2000, and with upgrades underway, 700 Alexander Park is located directly off Route 1 in one of the most sought-after submarkets in New Jersey thanks to its central location between NYC and Philadelphia, its highway and mass transit infrastructure, highly skilled and educated workforce and proximity to leading educational institutions, including Princeton University, Rutgers, TCNJ and Rider University.
The amenity rich Route 1 Corridor includes several major shopping centers and malls, restaurants, banks, childcare facilities, fitness centers and hotels.
About The Birch Group
The Birch Group is a privately-held commercial real estate investor, owner and operator with a singular ability to uncover opportunity and create enduring value for partners, tenants and investors. Since 2014, the company has expanded its portfolio of income-generating properties to include more than 6.5 million square feet of office assets in strategic markets that demonstrate sound fundamentals and growth potential.
About AMI Management
AMI Management is a renowned property management firm servinga diverse portfolio that includes the management of over 5 million square feet of Class A office space in New York and New Jersey. Recognized for their commitment to providing superior service, AMI Management expertly navigates the complexities of property management, ensuring optimal operations and tenant satisfaction. Their deep understanding of the unique dynamics of the regional markets, coupled with their proven track record in managing premium properties, makes AMI Management a trusted partner in maintaining and enhancing the value of these Class A office assets.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
