240 West State St. in Trenton — Courtesy: Fennelly Associates
(Editor’s note: This story was updated Wednesday, Oct. 11, with additional information from Fennelly Associates, which represented the seller and buyer in the deal at 240 West State St. in Trenton.)
By Joshua Burd
A developer has acquired a 240,000-square-foot office tower in downtown Trenton that it now plans to convert to an apartment building, in a deal arranged by Fennelly Associates.
The undisclosed buyer, a Potomac, Maryland-based firm, recently secured $4.5 million in financing in connection with the property at 240 West State St. that it used to complete its purchase and pay real estate taxes. Maverick Commercial Mortgage Inc., which arranged the loan, said last month that the debt would give the borrower sufficient time to process an application for tax credits and prepare architectural and construction drawings for the redevelopment of the 16-story property into a multifamily and commercial building.
Fennelly Associates President Jerry Fennelly represented the seller, Garden State Commercial Properties, and the buyer in the transaction, while Holly Burke and Kellen Murphy of Murphy Schiller & Wilkes LLP provided legal counsel to the purchaser. In a separate news release, Fennelly noted that 240 West State St. is one of the tallest buildings in downtown Trenton and is just under two miles from the Trenton Transit Center and the West Trenton Train Station.
Originally built as a hotel in 1969, the property is now slated to become a mix of studio, one-bedroom and two-bedroom apartments with amenities such as a fitness center, a pool and a ground-floor café, Fennelly said. In addition, the company will renovate the building’s enclosed parking garage.
Completion is slated for 2026.
“For decades, we have harnessed our expertise and creativity to bring investments and businesses into Trenton,” Fennelly said. “We were honored to bring the sale of 240 West State Street across the finish line, and we are excited to watch its transformation into a point of pride for the local community.”
