Princeton Pike Office Park in Lawrenceville — Courtesy: Reynolds Asset Management
By Joshua Burd
A joint venture has acquired six office buildings outside Princeton, with plans to launch a multimillion-dollar renovation to update the portfolio and appeal to hybrid workers.
Reynolds Asset Management and its partner, Capital Solutions Inc., paid an undisclosed sum for the collection of more than 250,000 square feet along Princeton Pike, in the Lawrenceville section of Lawrence Township. They’re now eyeing a series of upgrades to the buildings’ lobbies, common areas, exteriors and landscaping, plus the addition of new, modern workspaces, seeking to capitalize on the site’s location directly off Interstate 295.
Adam Dembo of Markeim-Chalmers Inc. brokered the sale, while Northwest Bank provided financing for the deal. George Gnad of Lenders Realty Capital Services sourced the loan.
“We are very excited to partner with Reynolds and Capital Solutions Inc. on this multimillion-dollar acquisition,” said Abe Ibrahim, Northwest Bank’s Delaware Valley market executive. “Both management teams have an impressive track record of acquiring, managing and adding meaningful value to real estate assets throughout the United States, so it makes perfect sense to partner with both firms as Northwest Bank continues its expansion in the Delaware Valley region.”
Located just south of the highway, Princeton Pike Office Park is home to a range of tenants in the medical, law, accounting, staffing and government sectors, according to a news release. Reynolds and Capital Solutions have tapped Newmark’s Steve Tolkach and Robert Loederstedt as the property’s leasing team, while the renovations are slated for completion by mid-2024.
“This property has been long-neglected, but we see the value in these buildings and are eager to bring them back to life,” said Lou Reynolds, CEO of Reynolds Asset Management. “That starts with building relationships with tenants and brokers. At Reynolds, people and communities are at the core of what we do. We’re excited to start fostering connections with prospective tenants, and with current tenants wishing to renew long-term leases, while we get to work revitalizing these buildings into updated, value-oriented workspaces.”
