Penn Medicine Princeton Medical Center Medical Arts Pavilion at 5 Plainsboro Road in Plainsboro — Courtesy: Colliers International
By Joshua Burd
Penn Medicine is set to open a new oncology suite in Plainsboro after leasing nearly 7,200 square feet adjacent to its Princeton Medical Center, according to Colliers International.
The transaction at 5 Plainsboro Road is among two newly announced deals by the real estate services firm. The brokerage team represented both parties in the long-term, 7,199-square-foot lease between Penn Medicine Princeton Health and Heitman Group, the landlord at what’s known as the Penn Medicine Princeton Medical Center Medical Arts Pavilion.
Colliers Executive Managing Director Charlie Hatfield, Associate Director Brett Incollingo and Executive Vice President Joseph Fetterman completed the assignment. They also brokered the second deal, a 1,362-square-foot renewal by Princeton Infectious Disease Associates, working alongside ownership and a management team with NexCore Properties LLC.
“The Princeton market has performed remarkably well considering the challenges posed by the pandemic,” Hatfield said. “Our team was honored to work with Penn Medicine, Nexcore Group and Heitman Group, one of the finest medical institutions in the country to help bring medical practices that offer New Jersey residents top-quality care.”
Located off Route 1, the Princeton Medical Arts Pavilion sits within the Princeton Medical Center campus and features amenities such as a fitness center and a cafeteria, Colliers said. It also provides functional space for an ambulatory center, diagnostics, radiology and private practices across a host of specialties.
NexCore Properties took over asset and management of the building in 2018
“For more than 30 years, we have managed life science research, and other specialty health care real estate with an ongoing focus on tenant satisfaction, retention and referrals,” said Jay Jones, vice president of real estate management of Nexcore Group. “Our national exposure to best-in-class operating systems across health care sectors provides our clients with a unique development solution.”
Colliers and building ownership are actively in discussions with three additional new tenants.