An office property in Princeton is celebrating a new tenancy milestone, with the 72,000-square-foot Class A building hitting 90% occupancy.
- Medical devices company Lingraphica, which offers aphasia and online speech therapy, signed a long-term lease for 9,000 square feet of office space on the first floor of the three-story building to relocate its back-office operations and consulting staff from Carnegie Center on nearby Route 1.
- Semiconductor and infrastructure software designer and manufacturer Broadcom signed a long-term lease for 6,444 square feet on the second floor in a relocation from Ewing.
- Wimba, the title agency subsidiary of the Roc360 financial services platform, signed a lease for its first permanent office at 700 Alexander Park, according to the announcement, relocating from a nearby coworking space to occupy 2,509 square feet on the third floor.
- Law firm Rubin, Ehrlich, Buckley & Przekop PC signed a long-term lease for 4,306 square feet to relocate to the property from Lawrence in the second quarter of 2023.
- Long-term tenant Buchanan Ingersoll & Rooney PC signed a lease extension for its 13,682 square feet office on the third floor.
JLL Managing Director Thomas Romano and Senior Vice President Vinny DiMeglio represented The Birch Group in all of the transactions; the firm also represented Lingraphica and Broadcom.
“We are delighted to welcome these prestigious new tenants to 700 Alexander Park and to reaffirm our partnership with long-time tenant, Buchanan Ingersoll & Rooney,” Chris DeLorenzo, executive vice president at The Birch Group, said in a statement. “These transactions validate our decision to acquire the property with the aim of outperforming the market at a time of tremendous uncertainty for many tenants and we look forward to leasing the remaining space in the near future.”
Jersey City-based The Birch Group added 700 Alexander Park to its portfolio in 2021 as part of a $47 million deal that also included the adjacent, 141,176-square-foot 600 Alexander Park, which is completely occupied by research and consulting company Mathematica Inc. The buildings are located within the larger Alexander Park, a multi-building complex consisting of more than 350,000 square feet of office space located within walking distance of the Princeton Junction train station.
“As a near 25% vacancy persists with[in] the Princeton office market, 700 Alexander Park stands out thanks to its responsive ownership with a tenant-first philosophy and commitment to streamlining the leasing process,” DiMeglio said in a prepared statement.
Originally built in 2000, AMI Management oversees property management at 700 Alexander Park, underscoring ownership’s commitment to servicing its tenants, according to the announcement.
“With the ability to quickly provide premier office space, we anticipate great interest in the remaining 8,300 square feet of divisible space and feel very good about the future of 700 Alexander Park as part of a market-leading campus populated by world-class tenants,” DiMeglio added.
Those prospects are bolstered further by upgrades that are underway at 700 Alexander Park, including to its lobby and amenities with a focus on modern aesthetics and functional layouts. The campus also offers maintained outdoor space with walking and bike paths from its location directly off Route 1, affording access to other markets and retail, dining, child care, hotel, fitness centers and more.
The Birch Group added another trio of Mercer County properties to its portfolio in 2022 in a deal valued at $70 million.