The greater Princeton area still draws life sciences companies like Dr. Reddy’s Laboratories, which signed on for a recently renovated office property adjacent to the Mercer County municipality.

Cushman & Wakefield arranged two leases at Princeton Point, located at 600 College Road E. in Plainsboro, totaling 115,000 square feet, the global commercial real estate service firm announced Sept. 6. In addition to Dr. Reddy’s 53,000-square-foot agreement, State Street Bank renewed its 63,000-square-foot lease at the two-building, Class A office complex situated within Princeton University’s 2,000-acre master-planned business and research campus.

Landlord Nuveen Real Estate was represented by Cushman & Wakefield Executive Managing Directors Kevin Carton and Todd Elfand in both transactions.

In 2021, Nuveen launched plans to update Princeton Point, which is technically located in Plainsboro in Middlesex County but shares the same ZIP code as Princeton, seeking to emphasize the incorporation of green spaces and inclusion of lifestyle amenities. When Ware Malcomb was announced to lead a redesign of the property, Nuveen Director of New York Investments Ines Olesen commented on the changing expectations then emergent in the office sector, particularly in the wake of the onset COVID-19.

“How people view and utilize the office has changed drastically over the past year and our renovations at Princeton Point are being done with those changes in mind,” Olesen said at the time.

As interest in traditional office spaces has generated a flight to quality, the life sciences space has emerged as “the most active business sector in the state,” according to JLL.

In its second quarter 2023 report on the sector, JLL found that “Despite macroeconomic headwinds, life sciences companies were active in their pursuit of Class A office, R&D/lab and manufacturing facilities in New Jersey through mid-2023,” with demand projected to persist throughout the second half of the year.

In Princeton, the total vacancy rate for Q2 was 10.1%, under the statewide rate of 18.7%.

Executive Director Shawn Straka, who co-leads Cushman & Wakefield’s Life Science Practice Group in New Jersey, represented Dr. Reddy’s in the Princeton Point transaction. In a statement, he remarked on the area’s draw. “Life Science tenants remain committed to the greater Princeton market due to the excellent access to a highly educated workforce, proximity to New York City and Philadelphia and abundance of retail and dining options,” Straka said.

Financial services company State Street Bank was represented by JLL in its renewal, according to Cushman & Wakefield.

“We are thrilled to welcome Dr. Reddy’s Laboratories and to retain our tenant, State Street Bank, at Princeton Point,” said Nelly Othman, senior associate of workplace, retail and mixed-use at Nuveen Real Estate. “With full amenities and quick access to downtown and numerous transportation hubs, Nuveen meticulously renovated this building to be the complete package.”

Princeton Point’s upgrades include newly designed building entrances, an on-site cafe and restaurant, conference center, courtyard with outdoor private seating and electric vehicle charging stations.

The property offers direct access to Route 1, along with downtown Princeton, and is in proximity to Newark Liberty International Airport, the Princeton Junction NJ Transit station, along with Princeton Forrestal Center‘s retail stores, restaurants and hotels.

“As evidenced by these transactions, tenants remain committed to high quality real estate assets,” added Elfand. “With a stable balance sheet and smart investments in property renovations, Nuveen continues to create a rewarding work environment, making this Princeton property an ideal choice for top employers seeking a best-in-class workplace.”

Editor’s note: This story was updated at 12:37 p.m. ET on Sept. 7, 2023, to update the location of Princeton Point to 600 College Road E. in Plainsboro, not Princeton.

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