College Park at 101, 103, 105 and 107 College Road and 2 and 4 Research Way in Plainsboro — Courtesy: JLL
By Joshua Burd
A six-building office park outside Princeton is on the market for sale, offering more than 500,000 square feet with value-add potential in one of the state’s top submarkets.
According to JLL, which is marketing the property, College Park in Plainsboro is currently 65 percent leased with a weighted average lease term of just under two years, while it has a roughly $50 million assumable loan at 4.68 percent. The property on College Road and Research Way averaged 89 percent occupancy from 2000 to 2019, the brokerage team said, “providing an investor a near-term opportunity to grow both occupancy and rental rates by reimagining and renovating the buildings to attract tenants in a submarket that outperforms the balance of the state.”
The 517,076-square-foot campus is projected to draw offers around $70 million.
“College Park is a unique opportunity to reposition a campus in market that historically attracted name brand tenants including Merrill Lynch, BlackRock, Horizon Insurance, Bank of America, Dow Jones, Dupont, Sirius XM and S&P Global,” JLL wrote in its offering announcement, later adding that the Princeton office market’s “depth of Fortune 500 tenants puts it in a unique position to capitalize on the shift back to the office.”
Princeton’s Class A asking rents average $30.51 per square foot, JLL said, while the submarket posted 298,898 square feet of net absorption or gains in occupied space in the fourth quarter of 2022. College Park — which spans 101, 103, 105 and 107 College Road and 2 and 4 Research Way — has the benefit of being just off Route 1, less than a mile from the mixed-use Princeton Forrestal Village, 10 minutes from the Princeton Junction train station and less than four miles from downtown Princeton.
Users are also near Princeton University, Rider University and The College of New Jersey, the JLL said, noting that a buyer can enhance that value by refreshing lobbies, common areas and cafés and by adding amenities such as fitness centers, electric vehicle charging stations and covered parking.
JLL’s Jeremy Neuer, Jose Cruz and Joseph Lembo are spearheading the marketing team for College Park, with support for leasing and financing from Thomas Romano and Max Custer, respectively.
