600 Alexander Park in West Windsor — Courtesy: The Birch Group
By Joshua Burd
An investment firm has added to its collection of high-end suburban office buildings in New Jersey, acquiring a two-building, 213,000-square-foot portfolio in the Princeton submarket.
The Birch Group, which is based in Nanuet, New York, announced its purchase of 600 and 700 Alexander Park in West Windsor as part of a joint venture with local investors including 2020 Vision Group. BentallGreenOak sold the properties for a combined $47.3 million, with JLL serving as its broker in the transaction.
“As we consider new markets to expand The Birch Group’s portfolio of high performing Class A assets, Princeton was a key regional target that continues to experience heightened demand due to its location, access to top local talent, and storied history as one of the most prestigious and sought-after areas in the state, largely driven by the appeal of and proximity to Princeton University,” said Mark Meisner, CEO and founder of The Birch Group. “Several large, notable companies have recently relocated to or expanded in this market, including leaders in the pharmaceutical, life science and financial industries, and we’re confident this property will attract additional high caliber organizations seeking to tap into the local talent and establish long-term roots in the region.”
The larger building, 600 Alexander Drive, spans 141,176 square feet and is fully leased to Mathematica, a 50-year old, national policy research firm with eight offices across the country. Located on a separate parcel, 700 Alexander Drive offers 71,934 rentable square feet and is 70 percent leased to tenants such as Robert Half International and Buchanan Ingersoll and Rooney.
JLL’s Kevin O’Hearn and Jose Cruz represented both parties, while Greg Nalbandian of the firm’s debt and equity team secured financing. The Birch Group has also retained JLL as its leasing agent for the properties, tapping a team led by Thomas Romano.
“Alexander Park is one of the highest-quality assets within the Princeton submarket, a region known for its historically high occupancy rates and convenient access to major retail corridors, commercial centers and mass transit options,” said O’Hearn, a senior managing director with JLL’s capital markets team. “When you factor in The Birch
Group’s track record of successfully implementing capital improvement strategies that create enduring value for its tenants and investors alike, we’re confident this property will be extremely well-positioned to attract a wide range of companies seeking a quality office space in a prime location.”
The deal follows Birch’s recent $255 million portfolio purchase in Short Hills, which spans four buildings with a combined 843,000 square feet, part of its push to acquire suburban office buildings in top-tier submarkets. Since 2019, the company has completed nearly $800 million in acquisitions.
It now plans to make value-add renovations at the buildings to complement BentallGreenOak’s recently completed upgrades at 600 Alexander Drive. Currently, the portfolio includes a cafeteria with indoor and outdoor seating, a high-end fitness center, a tenant lounge and two-story atrium lobbies, offering a location near the Princeton Junction train station and Route 1.