The Birch Group acquires Princeton submarket’s Alexander Park for $47.3M

The Birch Group on July 26 announced the $47.3-million acquisition of 600 and 700 Alexander Park, a prominent two-building portfolio located in Princeton.

The 213,000-square-foot portfolio comprises two Class-A office buildings located on separate parcels, including a three-story building at 600 Alexander Drive consisting of 141,176 rentable square feet, and an additional three-story building at 700 Alexander Drive offering 71,934 rentable square feet.

Kevin O’Hearn and Jose Cruz from JLL represented BentallGreenOak, the seller, as well as the buyer in the transaction, and Greg Nalbandian from JLL secured the debt.

JLL is also being retained by The Birch Group as the exclusive office leasing agent for the properties.

“As we consider new markets to expand The Birch Group’s portfolio of high performing Class A assets, Princeton was a key regional target that continues to experience heightened demand due to its location, access to top local talent, and storied history as one of the most prestigious and sought-after areas in the state, largely driven by the appeal of and proximity to Princeton University,” The Birch Group Chief Executive Officer and founder Mark Meisner said. “Several large, notable companies have recently relocated to or expanded in this market, including leaders in the pharmaceutical, life science and financial industries, and we’re confident this property will attract additional high caliber organizations seeking to tap into the local talent and establish long-term roots in the region.”

600 Alexander Drive is a single-tenanted building leased to Mathematica, a 50-year old, national policy research firm with eight offices across the country that leverages its Princeton location as its headquarters.

700 Alexander Drive, currently leased at 70%, is a multi-tenant office building with a diverse tenant roster that includes Robert Half International, a publicly-traded recruiting company, and Buchanan Ingersoll and Rooney, a national law firm with 15 locations across the country. The Birch Group will employ its unique, tenant-focused value-add strategy for the property, complementing recently completed renovations at 600 Alexander Drive by previous ownership.

The property features an impressive amenity package, including a cafeteria with indoor and outdoor seating, state-of-the-art fitness center, tenant lounge, ample parking and dramatic, two-story atrium lobbies. There is also a pond with a decorative fountain between the buildings that is surrounded by manicured walking paths, offering employees fresh air and outdoor space to relax and recharge.

Alexander Park benefits from its prime location near the Princeton Junction railroad station and proximity to Route 1, providing both mass transit and major thoroughfare access. The properties are located within minutes of Interstates 95 and 295, providing travelers with convenient access throughout the state and to both New York City and Center City Philadelphia.

“Alexander Park is one of the highest quality assets within the Princeton submarket, a region known for its historically high occupancy rates and convenient access to major retail corridors, commercial centers, and mass transit options,” said Kevin O’Hearn, senior managing director of capital markets at JLL. “When you factor in The Birch Group’s track record of successfully implementing capital improvement strategies that create enduring value for its tenants and investors alike, we’re confident this property will be extremely well-positioned to attract a wide range of companies seeking a quality office space in a prime location.”