777 Scudders Mill Road in Plainsboro — Courtesy: Colliers International
By Joshua Burd
An investment manager has set out to reposition two buildings at the former Bristol-Myers Squibb headquarters campus in Plainsboro, while tapping Colliers International to market more than 400,000 square feet at the property.
Colliers and the landlord, Trawler Capital Management LLC, on Wednesday announced the availability of 440,000 square feet for lease at 777 Scudders Mill Road. Ownership has also hired the architectural firm Ware Malcomb to assist with its repositioning plan.
Colliers executive managing directors Thomas Romano and Charlie Hatfield, along with Associate Brett Incollingo, are leading the leasing effort. They said they are seeking partial-floor, full-floor and full-building tenants.
“The campus was built to a quality standard that sets it apart from many other Class A office campuses within the central and northern New Jersey office markets,” Hatfield said. “The original design anticipated the eventuality of being repurposed as a multi-tenant campus thereby affording tenants increased efficiency and value.”
Bristol-Myers Squibb recently vacated the campus after opening a new 650,000-square-foot headquarters in Lawrenceville. The property consists of three five-story office buildings, each about 220,000 square feet and situated within a landscaped campus with walking trails, an amphitheater, outdoor eating and meeting areas.
“The Princeton-Route 1 submarket is a particularly attractive one,” Romano said. “An asset of this caliber and size will afford full-building and full-floor tenants efficient and attractive occupancy options within the Princeton market.”
Trawler Capital, which acquired the buildings within the last year and is new to the Princeton market, will undertake a repositioning strategy to add to the existing amenity base.
“There are a limited number of headquarter quality campuses with proximity to a community and University on the level of Princeton,” said Frank Scavone, managing partner of Trawler Capital. “Our approach is to create an environment of unparalleled excellence that provides the services today’s tenants desire to attract and retain the best talent in New Jersey.”