Penn Medicine Princeton Medical Center Medical Arts Pavilion at 5 Plainsboro Road in Plainsboro — Courtesy: Colliers International
By Tina Traster
Colliers has secured two leases totaling more than 9,000 square feet at Penn Medicine Princeton Medical Center’s Medical Arts Pavilion in Plainsboro.
According to the brokerage team, Princeton Dermatology Associates has signed a 10-year commitment for 3,222 square feet. Princeton Orthopedic Associates, meantime, renewed its lease for a 12-year term and expanded its footprint to 5,800 square feet in the property at 5 Plainsboro Road.
A Colliers team led by Executive Managing Director Charlie Hatfield and Associate Director Brett Incollingo represented ownership, in both transactions.
“We are proud to have again represented the building owners Heitman Capital Management and asset management firm NexCore, who operate a best-in-class medical office building within this region,” Hatfield said. “Exceptional medical office space is difficult to find in a tight market, and these leases ensure that the Princeton area will continue to provide residents from all over the state and region with even better access to top-quality health care and services.”
The Penn Medicine Princeton Medical Center Medical Arts Pavilion sits on the Penn Medicine Princeton Medical Center’s campus. The building is leased to an ambulatory center, diagnostics and radiology providers and private physicians, with amenities including a fitness center and cafeteria.
In the news release, Colliers said Heitman and NexCore have worked with PennMed Princeton and other tenants to lower operating expenses since acquiring the Medical Arts Pavilion in 2018.
“Our leasing team finished the year strong, which was a goal of mine,” said Jay Jones, NexCore’s vice president for real estate management. “We accomplished quite a bit this year with a new 7,500-square-foot cancer center and the renewal of other existing tenants. I look forward to a strong 2022 as our vacancy rate is at its lowest rate since our acquisition of this asset. Our roster of medical tenants is best in class which helps to separate us from other medical office buildings in the region.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
