500 College Road East in Plainsboro — Courtesy: JLL
By Joshua Burd
A venture led by Bergman Real Estate Group has scored new financing for a nearly 161,000-square-foot office building outside Princeton, brokers with JLL announced this week.
According to a news release, a life insurance company provided the four-year, $15.35 million loan in connection with 500 College Road East in Plainsboro. That follows a roughly $4 million update of the four-story, 160,904-square-foot property, which has helped Bergman and its partners attract a high-quality tenant roster in recent years.
JLL’s Michael Klein, Gregory Nalbandian, Nazario Paragano and Kevin Badger sourced the interest-only, fixed-rate loan on the borrower’s behalf.
“Bergman Real Estate Group has demonstrated exceptional execution since acquiring this asset in 2020,” Nalbandian said. “The capital improvement program has successfully repositioned 500 College Road East as a competitive Class A offering, evidenced by the significant leasing momentum and the quality of the institutional and credit-oriented tenant base.
“The building’s flexible floor plates and efficient design support a diverse range of tenant sizes and uses. This loan was particularly attractive as it offered open prepayment during the entire term without penalty should the sponsor elect to sell the asset to monetize their investment.”
JLL noted that the property, which was built in 1984, has fully renovated common areas with updated finishes and LED lighting, a new full-service café and seating, an upgraded fitness center and an employee lounge with games. It also has a multimedia conference and training facility, enhanced outdoor meeting areas and extensive landscaping, the firm said, adding that a new bike share program allows tenants to access the internal trail network within the larger Princeton Forrestal Center.
Current ownership has inked 22 new leases totaling some 113,000 square feet since taking over the building, demonstrating strong and sustained tenant demand, JLL said. That’s due to both the renovations and its location within one of New Jersey’s top office submarkets.
Princeton Forrestal Center, meantime, spans 2,200 acres and has more than 8 million square feet of mixed uses including academic, research, office, residential, hotels, conference centers, retail and managed open space amenities. The property is also midway between Philadelphia and New York City.
JLL: Bergman inks 60,000 sq. ft. in flurry of leases at refreshed Princeton office building
