Princeton has attracted another life sciences firm to the market, with Accurant Biotech Inc. signing on for 26,566 feet of office space, which the company will use to expand from East Windsor, according to the property’s leasing team.
Bergman Real Estate Group announced the full-service contract research organization signed a 10-year lease at 500 College Road E. in the Mercer County municipality May 30, with move-in slated for August. JLL Senior Vice President Vinny DiMeglio and Vice President Erin Moran serve as exclusive leasing agents for the property.
Michael Bergman, president of the Edison-based real estate investment and management company, said the company was thrilled to welcome Accurant Biotech to the property located in the 2,200-acre master-planned mixed-use Princeton Forrestal Center development. “This is a significant lease transaction in the Princeton area, and is the direct result of our recent capital improvement program, new building services, and the scarcity of lab space,” he said in a statement.
According to Accurant Biotech co-founder and U.S. Site Head Dongbei Li, the relocation offers an opportunity to expand and modernize operations in addition to attracting and retaining talent. DiMeglio added that the company loves “the cachet of having a Princeton address” and was looking for a building with amenities for its staff.
Bergman acquired the four-story, 160,000-square-foot building at 500 College Road E. in a joint venture with Hornig Capital Partners in 2021 and launched a $4 million capital improvement plan at the property. That work included renovating lobbies and corridors, adding amenities and upgrades to bathrooms, HVAC and plumbing, new elevator controls and landscaping and site improvements.
“When it comes to attracting new tenants, amenities are vital for recruitment,” according to JLL’s Vinny Di Meglio.
At 500 College Road E. that includes: an advanced fitness center with showers and locker rooms, a shared conference center, an expanded full-service café, a game room with shuffleboard and billiards tables, and a bike share program. Rooftop solar panels were also installed and electric vehicle charging stations are expected soon.
Ahead of completing its updates at the property, Bergman announced securing six leases in March 2022 representing more than 27,700 square feet. Accurant Biotech’s addition to the roster brings 500 College Road E. to 70% leased.
“Accurant Biotech’s expansion to 500 College Road E. is a reminder that modern businesses are prioritizing office spaces with advanced services and amenities that provide an inspiring work environment, which improves employee morale and recruiting efforts,” Bergman said. “We expect additional interest in the property from leading firms in life sciences, computer technology, pharmaceutical, finance, and other sectors in which employees and employers alike demand the high-quality facilities available at 500 College Road E.”
Located at the interchange with Route 1, the Princeton Forrestal Center is home to nearly 200 businesses with the benefit of hotels, conference centers, dining, research, office, academic, residential and retail facilities, in addition to 700 acres of preserved open space.