Colliers International Group Inc. said Feb. 1 it has secured leases for more than 8,500 square feet of space at Penn Medicine Princeton Medical Center Medical Arts Pavilion located at 5 Plainsboro Road in Princeton. Penn Medicine Oncology plans to open a new 7,199 square-feet oncology suite while Princeton Infectious Disease Associates renewed its lease for 1,362 square feet of office space. Both leases were long term commitments.
A Colliers team led by Executive Managing Director Charlie Hatfield along with Associate Director Brett Incollingo and Executive Vice President Joseph Fetterman represented building owner Heitman Group and Penn Medicine Princeton Health in the Penn Medicine Oncology lease and both the owner and Princeton Infectious Disease Associates in its long term lease renewal. Colliers and building ownership are actively in discussions with three additional new tenants and hope to announce completed leases soon.
The Princeton Medical Arts Pavilion is located within the Penn Medicine Princeton Medical Center’s campus, the property is a LEED Certified, energy-efficient building. The building offers direct access to clinical institutions and full amenities including a fitness center and a cafeteria. It also provides functional space for an ambulatory center, diagnostics, radiology, and numerous private practices including orthopedics, dermatology, pain management, OBGYN, among others.
“The Princeton market has performed remarkably well considering the challenges posed by the pandemic,” said Hatfield. “Our team was honored to work with Penn Medicine, Nexcore Group and Heitman Group, one of the finest medical institutions in the country to help bring medical practices that offer New Jersey residents top-quality care.”
Princeton has been named as one of the best places to live in the country, making it an attractive destination for businesses of all types. Home to one of the world’s best universities, the city is considered a center of learning and culture just an hour away from New York City and Philadelphia. The Penn Medicine Princeton Medical Center Medical Arts Pavilion is just a short drive away from the town’s main attractions including Nassau Street, McCarter Theatre, Grounds for Sculpture, Arm & Hammer Park and the Cure Insurance Arena.