Princeton West Innovation Campus at 311 Pennington Rocky Hill Road in Hopewell — Courtesy: Lincoln Equities Group
By Joshua Burd
Lincoln Equities Group has secured another tenant for its Princeton West Innovation Campus in Hopewell, inking a 127,000-square-foot lease with a locally based biotech company.
GenScript ProBio, whose U.S. team is based in Pennington, will use the space at 311 Pennington Rocky Hill Road for research, development and manufacturing, according to a news release. It’s the latest deal at the 433-acre, 1.2 million-square-foot Princeton West property, a former Bristol-Myers Squibb campus that LEG acquired in 2020, fellow where biotech firm BeiGene is nearing completion on a new 450,000-square-foot biomanufacturing, R&D and office complex.
It’s also one of several transactions that the LEG announced last week as part of a roundup of its leasing activity from the first half of 2024.
“Lease activity across our office portfolio has remained incredibly strong and steadfast this year,” said Lance Bergstein, CEO of Lincoln Equities Group. “Our strategic locations across New York and New Jersey, coupled with our commitment to executing on capital improvements that ensure we’re providing state-of-the-art facilities have been instrumental in our ability to attract a diverse range of long-term tenants. We look forward to continuing to foster our relationships with tenants and supporting the growth of these companies within our properties.”
According to the firm, renewals and long-term leases during the first half totaled more than 200,000 square feet across its office and life sciences portfolio. The company cited strong activity in several key industry sectors, including multiple deals at the mixed-use, 550,000-square-foot Princeton Forrestal Village campus in Plainsboro.
To that end, the nonprofit biomedical research organization CHDI signed a 10-year, 19,308-square-foot lease renewal at the property, the news release said. Regus, the global coworking and flexible workplace solutions firm, renewed its lease of 23,254 square feet for the next five years, while LEG also inked a renewal with Fusion Academy and new deals with Pulte Homes, ProFit Sports and Hope Restored.
At 60 Columbia Road in Morris Township, National Exchange Carrier Association signed a five-year 27,035-square-foot lease renewal.
“Our leasing activity this year is a clear indicator of the trust and confidence our tenants have in us,” said Ken Flynn, senior director of leasing at Lincoln Equities Group. “Our focus on quality assets in desirable locations has enabled us to attract high-caliber tenants, and we are excited about the economic growth these leases will bring to the communities we serve.”
LEG also noted that JLL, its leasing team at Princeton West, is marketing three build-to-suit aseptic and specialty manufacturing opportunities ranging from 80,000 to 150,000 square feet. It’s also seeking tenants for a 56,000-square-foot shell research and development building ready for tenant fit-out and 250,000 square feet of available office space.
