3131 Princeton Pike in Lawrenceville — Courtesy: JLL
By Joshua Burd
The owner of a nearly 167,000-square-foot office park in Lawrence Township has listed it for sale, following a major update that has sparked renewed tenant activity at the campus.
According to JLL, which represents the would-be seller, the three-building complex at 3131 Princeton Pike is currently 83 percent leased to a roster that includes medical users and the State of New Jersey. That’s up from around 50 percent in 2023, thanks to a substantial upgrade that led to 10 new leases totaling more than 38,000 square feet.
The property in the township’s Lawrenceville section is also part of a mixed-use redevelopment known as CANVAS, which is slated to include 204 apartments and some 16,000 square feet of retail space, JLL said. That’s scheduled to break ground this year.
The firm’s Jose Cruz, Jeremy Neuer and Michael Kavaler lead the marketing team for the 166,670-square-foot campus, with support from financing brokers Ryan Carroll and Max Custer and leasing specialist Thomas Romano. The Princeton Pike property “presents a unique opportunity to acquire a recently renovated asset” with a projected net operating income growth of 48 percent over the next five years, JLL said, noting that 99,000 square feet of in-place leases have rents that are more than 26 percent below market on average.
Built between 1979 and 1981, the campus sits on 18.31 acres and includes 240 parking spaces. JLL added that the park is directly off the Interstate 295 exit ramp and a half-mile from Route 1, “providing easy access to countless area amenities and a talented workforce.”
